Arendt & Medernach advises ad hoc group of bondholders comprising Robus Capital Management, Nordstjernan and Concise Capital on landmark EUR 130,000,000 cross-border Nordic bond restructuring of LR Health & Beauty SE

Experts involved in the Deal

Restructuring & Insolvency

Finance & Capital Markets

• Dominik Pauly
• Mateusz Wisniewski
• Peter Vedev

Restructuring & Insolvency

Corporate Law, Mergers & Acquisitions

• Sébastien Binard
• Haider Gontier
• Kerem Güler
• Lou-Ann Desplanches
• Bouchra Ati
• Dylan Corcoran
• Maya Menon

Tax

• Philipp Jost
• Hendrik van der Grift

Finance & Capital Markets

• Serge Zeien
• Milos Vulevic
• Guillaume Dehu

Arendt & Medernach advised an ad hoc group of bondholders comprising Robus Capital Management, Nordstjernan and Concise Capital on the complex financial restructuring of LR Health & Beauty SE and its EUR 130,000,000 senior secured Nordic bond (ISIN: NO0013149658).

LR Health & Beauty SE, headquartered in Ahlen, Germany, is a leading European social commerce company specialising in the production and distribution of premium nutritional supplements and cosmetic products across 32 countries, with sales activities primarily conducted through a network of independent sales partners. The Company has been firmly established in the market since 1985 and operates through a group of subsidiaries spanning Western, Eastern and Southern Europe. The financial restructuring was critical to securing LR’s long-term future and preserving its operations across all of its markets.

Arendt & Medernach advised and represented the ad hoc group of bondholders throughout all aspects of the financial restructuring, including the negotiation and implementation of a new corporate structure, a full change of ownership and a debt hive-up implemented through the issuance of new junior ranking unsecured Nordic bonds at the level of a newly established Luxembourg group holding company which became the sole shareholder of LR. Arendt & Medernach also coordinated and led multiple workstreams across jurisdictions.

The financial restructuring included EUR 20 million of new money funding, alongside a significantly downsized and restructured senior secured debt package. Implemented on an accelerated timeline across 11 jurisdictions, the transaction is among the most structurally complex Nordic bond restructurings in recent years – combining a multi-layered capital structure, a cross-border debt hive-up, a comprehensive change of ownership and a consensual out-of-court process agreed by bondholders.