Completed on 2 February 2026, the transaction represents a major lender-led recapitalisation of Netceed, aimed at deleveraging the group’s balance sheet and establishing a sustainable capital structure.

As part of the transaction:

  • approximately EUR 869 million and USD 792 million of term loan indebtedness, together with a EUR 230 million revolving credit facility, were discharged;
  • the lenders assumed ownership of the group, resulting in the transfer of Netceed’s Luxembourg holding company, Eos Finco, to a newly incorporated Luxembourg entity owned by the lenders; and
  • the group’s liquidity profile was materially enhanced through a comprehensive refinancing package.

Under the recapitalisation, Netceed benefitted from two new euro‑ and US dollar‑denominated term loans totalling EUR 355 million, each with a six‑year maturity, alongside a EUR 70 million delayed‑draw super senior facility. In addition, the financing structure includes a EUR 30 million emergency funding line, available to address unforeseen third‑party events that could otherwise place the group under financial stress.

The transaction was unanimously approved by all creditors and implemented through a conciliation procedure sanctioned by the competent French courts, avoiding the need for safeguard proceedings.

The recapitalisation substantially reduced leverage and strengthened liquidity, providing a stable financial platform for the group’s ongoing operations and strategic objectives. The restructuring, which resulted in lenders assuming control of the group, is considered one of the larger lender-led recapitalisations in the European telecom equipment sector.

This landmark transaction underscores our strong restructuring and leveraged finance capabilities, as well as its experience in advising lender groups on complex, cross‑border recapitalisations in the telecom and infrastructure space.

Netceed (formerly ETC Group) is a global provider of end‑to‑end supply chain solutions for the telecommunications industry. The group operates worldwide, supporting telecom operators, vendors and system integrators through logistics, distribution and value‑added services.