London, October 2020
GLAS is acting on Dutch variety store-chain HEMA’s restructuring, which is being implemented via an English scheme of arrangement and related Dutch and US approvals, in its various capacities as Facility Agent, Security Agent, Super Senior and Senior Trustee and Super Senior and Senior Paying Agent. The restructuring involves English, Dutch and US court processes.
Mia Drennan, Group President and Founder said, “Hema has been a complicated restructuring and our experienced restructuring professionals have worked hard to support the deal parties on this transaction. Specifically, our portal has provided 24-hour reporting to the deal parties and made the administration of the deal easy for the wider creditor group”.
GLAS has also been appointed Information and Tabulation Agent, Lock Up Agent, Registrar, Transfer Agent and Holding Period Trustee, in connection with the restructuring.
On completion of the restructuring, which is expected to occur in approximately three weeks, HEMA’s existing bond debt, which originally amounted to €750 million, will be more than halved to €300 million and its liquidity position will be greatly improved with additional bond financing of €42 million made available to the company. GLAS look forward to a successful completion of the restructuring for all parties involved.
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