Linklaters has advised global paper manufacturer Lecta on the implementation of a comprehensive refinancing package to further strengthen and protect its balance sheet and to raise significant new capital to fund the further transformation to “Specialty” papers.
The refinancing has now successfully been implemented by way of an English scheme of arrangement and Spanish homologación judicial supported by an overwhelming majority of its stakeholders, combined with the provision of c. €90m of new money under a new money facility and a consensual extension of the maturities under the super senior facilities. The Scheme was sanctioned by the High Court of Justice of England and Wales on 24 November 2023 and the transaction completed in early December.
The refinancing will position the company to deliver its transformation towards specialty papers and to emerge with a solid liquidity position and healthy balance sheet by significantly improving its liquidity profile and assisting with the execution of Lecta’s capex plans.
The Linklaters team was led by Global Co-Head of Banking Ben Crosse (Madrid) and partner Juliana Leite de Barros (London) as to matters of English law, alongside Partner Giacomo Reali (London) as to matters of New York law, and Begoña Martinez (Madrid) with respect to Spanish law.
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