Arendt Advises Ad Hoc Group of Noteholders on Landmark €630 Million Debt Restructuring of Graanul Invest

Experts involved in the Deal

Arendt has, in cooperation with lead counsel Latham & Watkins, advised an ad hoc committee of senior secured noteholders on Luxembourg law in connection with the successful amendment and extension of the senior secured notes of the issued by Graanul Invest group, Europe’s largest producer of industrial-grade sustainable wood pellets.

The transaction, which closed on 27 August 2025, received overwhelming support from more than 99% of noteholders. It involved a €55 million partial paydown and the exchange of €630 million senior secured fixed and floating rate notes for approximately €581 million of new and amended notes due 2029.

This landmark transaction is an important step in strengthening Graanul Invest’s capital structure and reflects the ability of international investors to work constructively with the company to achieve a sustainable financing solution. It also illustrates once again the flexibility and robustness of the Luxembourg regime applicable to financial collateral arrangements.