The restructuring addressed Metalcorp’s EUR 300 million senior notes due 2026 and EUR 70 million senior notes due 2023 and resulted in EUR 66 million of notes debt being transferred to Ferralum. As part of the transaction, a new Luxembourg structure was set out, providing for a stable platform to implement Ferralum’s new business plan. Ferralum bundles the aluminium and bulk and ferrous businesses formerly belonging to Metalcorp, which had previously been carved-out from the Metalcorp group by way of a management buyout. The transaction was implemented following a German consent solicitation and a subscription offer combined with an automatic exchange into new instruments issued by Ferralum and Metalcorp.
Our team was led by our restructuring / corporate M&A colleagues with the assistance of our capital markets and banking & finance teams.