Loyens & Loeff represented an ad hoc group of senior secured noteholders in the financial restructuring of AFE S.A. SICAV-RAIF (AFE S.A.), a Luxembourg reserved alternative investment fund (RAIF) affiliated with Veld Capital and investing in non-performing loans and real estate.
We advised the ad hoc group of the holders of €307.5 million senior secured notes issued by AFE S.A. in relation to the refinancing of AFE S.A. combined with the acquisition of AFE S.A. by AGG Capital Management Limited, an affiliate of Arrow Global Group (AGG), and certain noteholders. 

The restructuring and refinancing of AFA S.A. involved the maturity extension of the initial notes, new term loan facilities provided to AFE S.A., the issuance of additional notes and an equity transfer of the AFE Group to a new vehicle held by certain noteholders and funds managed by AGG. The recapitalisation has provided additional capital, liquidity flexibility and capital structure runway to the AFE Group through the following financings and equity transfers:

  • drawings by AFE S.A. in an aggregate principal amount of €132.9 million pursuant to a new term loan facilities agreement;
  • the amendment and restatement of the indenture (governing the €307.5 million senior secured notes due 2024 issued by AFE S.A., including the extension of the notes’ maturity date from 2024 to 2030;
  • the issuance of approximately €35.7 million in aggregate principal amount of additional notes; and
  • the consummation of the equity transfer of the AFE Group effected at the level of AFE S.A.’s parent company AFE HOLDINGS SCSp SICAV-RAIF (Holdco), with affiliates of AGG and certain noteholders acquiring, through a holding vehicle, the limited partnership interests in Holdco