Stibbe advises creditors of the Keter Group on its debt extension transaction

NL Law
LU Law

Stibbe has advised a group of senior lenders to the Keter Group – the innovative global leader in durable consumer lifestyle solutions for, in and around the home under the brands including Keter and Curver – on the successful completion of a transaction that includes maturity extensions of the Group’s senior and holdco PIK facilities and the provision of €50M liquidity by certain senior lenders in the form of a super senior facility. The Keter Group will shortly launch a strategic sales process to maximize value for all stakeholders, which is expected to generate proceeds to repay the group’s €1.3B senior facilities in the coming months.

The transaction was implemented by way of a consensual amendment and extension of the existing €1.3B senior facilities. Stibbe advised the core senior lender group on all aspects of the transaction, which, in addition to the extension of the senior facilities’ maturity, includes a mechanism by which, if the sales process is not successful, ownership of the Keter Group is automatically transferred to the senior lenders. The restructuring was completed on 21 September 2023, with the support of all key stakeholders of the Keter Group, including its direct and indirect shareholders, junior stakeholders and an large majority of the senior lenders.

Stibbe worked alongside Milbank LLP (London) on the transaction.