Herter & Co. – Teneo Capital Advisory advises the promissory note loan and registered note creditors of listed BRANICKS Group AG on its comprehensive financial restructuring
Herter & Co. – Teneo Capital Advisory has successfully advised the promissory note loan and registered note creditors of BRANICKS Group AG as exclusive financial advisor in the negotiation and structuring of a comprehensive financial restructuring.
The transaction includes, inter alia, the extension and alignment of the maturities of all €179.5 million promissory note/registered note loans and the outstanding €400 million bond, the conversion of the existing financial indebtedness into a new capital structure comprising senior and subordinated instruments on improved economic terms, extensive changes to the corporate governance framework, repayments funded through proceeds from an asset disposal program, and the implementation of a comprehensive security package.
The lock-up agreement that has now been signed establishes the framework for the restructuring of the promissory note loans, the registered notes and the outstanding bond. All promissory note loan and registered note creditors have acceded to the agreement. Together with the bondholders, the agreement enables a sustainable financial recapitalisation of BRANICKS Group AG.
Throughout the process, Herter & Co. supported the promissory note loan and registered note creditors by providing financial analysis, developing and evaluating restructuring options, and negotiating with the company and the other stakeholders.
