Loyens & Loeff Luxembourg advised on the debt restructuring of Lecta Group
The Luxembourg Restructuring Team advised on the restructuring of EUR 700 million of debt of Spanish paper producer – Lecta Group.
We advised noteholders on a comprehensive recapitalisation of the Lecta Group, a speciality paper producer in Spain. The transaction involved transfer of the group (held by a Luxembourg entity, SubLecta SA) to a new holding structure (consisting of new Luxembourg debt issuers and a UK holding parent). It also involved an exchange of existing Senior Secured Notes (listed on the Luxembourg Stock Exchange) for longer dated debt and equity. The new debt package consists of EUR100 million junior notes, EUR200 million new senior secured notes, EUR60 million of super senior term loan and EUR55 million super senior RCF debt all debt issued by Luxembourg entities. The recapitalisation transaction was sanctioned by a UK scheme of arrangement.
The recapitalisation results in an improved capital structure for the group and supports the Lecta Group for its future operations as a speciality paper producer.
The restructuring team consisted of Michael Scott, Anne Marie Nicolas, Alvaro Garrido Mesa, Diogo Morgado Filipe, Madeleine Marques and Ignacio Jimenez Guardiola.
Anne-Marie NicolasPartner Attorney at Law / Avocat à la Cour
Anne-Marie Nicolas, partner, is a member of the Banking & Finance Practice Group in our Luxembourg office. She focuses on secured lending, including acquisition finance and real estate finance, as well as debt restructuring.T: +352 466 230 314 E: firstname.lastname@example.org
Michael ScottPartner Attorney at law / Solicitor / Avocat à la Cour
Michael Scott, partner, is a member of the Corporate Practice Group in our Luxembourg office. He focuses on private equity transactions, mergers and acquisitions and distressed debt restructurings. He mainly advises US and UK based clients investing through Luxembourg to European or other target jurisdictions.T: +352 466 230 294 M: +352 691 963 026 E: email@example.com
Diogo Morgado FilipeAssociate Attorney at law
Diogo Morgado Filipe, associate, is a member of the Corporate practice group in our Luxembourg office. He focuses on Corporate Restructurings, Private Equity, M&A, Corporate Finance and general Corporate Law.T: +352 466 230 594 E: firstname.lastname@example.org
Ignacio Jiménez GuardiolaAssociate Attorney at law
Ignacio Jiménez Guardiola, associate, is a member of the Banking & Finance practice group in our Luxembourg office. He focuses on secured lending, including acquisition and real estate finance and in capital markets transactions.T: +352 466 230 615 E: Ignacio.Jimenez.Guardiola@loyensloeff.com