Italy’s Reno De Medici, one of Europe’s leading packaging board producers, entered into a binding transaction support agreement with its shareholder and noteholders representing 85.43 percent of its €600 million Floating Rate Sustainability-Linked Senior Secured Notes due 2029 with respect to a comprehensive review of its capital structure.
The proposed recapitalisation will include:
- the equitization of up to €300 million of Senior Secured Notes;
- €100 million of new senior secured financing;
- the amendment and restatement of the company’s Super Senior Revolving Credit Facility involving an extension of its maturity date to April 2031; and
- The company’s shares being transferred to a newly incorporated entity controlled by noteholders.
The S&C team advising the ad hoc committee of the senior secured noteholders on this transaction includes William Needham, Umberto Hassan, Tawnee Harker, Aprajita Dhundia, Ian Ferreira, Patrick Bright and Juan Rodriguez.