HEMA Debt Restructuring Successfully Completed

October 2020, London

One of the largest and oldest Dutch generic housewares retailers, HEMA Group, engaged GLAS to work on its complex debt restructuring which successfully completed last week.

On completion of the restructuring, HEMA’s existing bond debt, which originally amounted to €750 million, is more than halved to €300 million and its liquidity position is greatly improved with an additional bond financing of €42 million made available to the company.

GLAS was mandated on a significant number of roles for the restructuring, which was implemented via an English scheme of arrangement and related Dutch and US approvals.

GLAS appointed multi-disciplinary teams on the transaction, which included its Loan Agency and Capital Markets teams across the various levels of bond and bank debt. GLAS also engaged their Bondholder Communications and Liability Management team which was integral to the transaction throughout the process over several months.

GLAS engaged Edward Downer, Partner at Willkie Farr & Gallagher LLP and Karen Harmsen at Toon Advocaten who represented them on matters of Dutch law.