Global law firm White & Case LLP has advised the super senior revolving credit facility lenders on the debt and equity recapitalisation of Selecta Group, the European market leader in self-service beverage and snack solutions.
The recapitalisation, resulting from the adverse business conditions caused by the coronavirus crisis, was implemented by way of a scheme of arrangement under the UK Companies Act 2006 at the High Court in London. The UK scheme of arrangement also received recognition under chapter 15 of the US Bankruptcy Code. The transaction provided for the recapitalisation of senior secured notes in an aggregate principal amount of €1.24 billion and CHF 250 million, with new first lien and second lien notes being issued.
The revolving credit facility lenders agreed to certain amendments and related provisions to the €150 million revolving credit facility agreement, including to align with the new notes. In addition, KKR as sponsor advanced €125 million of new capital to Selecta Group in addition to the €50 million advanced to the group earlier this year.
The White & Case team in London which advised on the transaction was led by partners Jeremy Duffy and Richard Lloyd and included partners Ian Wallace, Gilles Teerlinck and James Greene and associates Seamus Herrick, Kate O’Donoghue and Nigela Houghton.
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