November 09, 2020
& Watkins advised the senior secured noteholder committee on the €1.8
billion debt and equity recapitalisation of Selecta, a Swiss headquartered
pan-European coffee and vending machine business.
transaction involved the exchange of all €1.5 billon outstanding
senior secured notes into new first lien and second lien debt instruments and
new preferred equity instruments, the reinstatement of the €150m RCF and the
investment by KKR, the group’s equity sponsor, of €175m by way of a cash
funding of €125m and the discharge of €50m outstanding under a liquidity
facility made available by KKR in consideration for the issuance of €175m of
preferred equity in the group.
recapitalisation was implemented by means of a scheme of arrangement that was
sanctioned by the UK High Court on 27 October 2020 and recognised by the US
Courts following a hearing on 30 October 2020.
team was led by London restructuring and special situations partners Simon
Baskerville and Yen Sum, working closely with restructuring and special
situations associates Tom Davies and Hafza Hussein, capital markets partners Scott Colwell and
James Burnett, banking partner Dan Maze, and private equity partner Beatrice