Stibbe advises HEMA’s management board

On 15 June 2020, it was announced that HEMA, one of the largest Dutch retailers, entered into a Lock Up Agreement with a group of noteholders holding c.62% of HEMA’s €600m floating rate senior secured notes due 2022 (which group also holds in excess of 50% of HEMA’s €150m senior notes due 2023), and the lenders under its revolving credit facility. In the Lock Up Agreement, the parties have agreed to support a controlled recapitalization, which, if the transaction is approved and implemented on the terms currently envisaged, will reduce HEMA’s gross debt to €300m from €750m, and will also result in the existing shareholder structure being replaced, and the holders of the existing senior secured noteholders becoming the new shareholders.

Please click here for the article in FD and here for HEMA's press release.