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.
