Kirkland Advises the Consolis Group on its Successful Recapitalization

Kirkland & Ellis advised the Consolis Group, a European leader in precast concrete solutions for the building and utilities sectors, in relation to its successful comprehensive debt and equity recapitalization effective November 28, 2024.

The transaction included the provision of a new €198 million secured term loan facility from certain bondholders of Consolis, combined with a three-year extension of the Group's existing super senior revolving credit facility. The transaction provides for a significant deleveraging of the Group through the debt-for-equity swap of all of the group's €300 million senior secured notes and the discharge of a €50 million PIK loan incurred by a holding company in the Group. The proceeds from the new term loan will be used to refinance certain of the Group's existing facilities and provide additional liquidity to the Group to fully fund its business plan.

The comprehensive recapitalization transaction was implemented fully consensually, with support from the Group's sponsor (Bain Capital), bondholders, revolving credit facility lenders and PIK lenders.

The Kirkland team included restructuring lawyers Dan Stathis, Kon Asimacopoulos, Hannah Crawford and Angad Sethi; capital markets lawyer Cedric Van den Borren; debt finance lawyers Ben Burton and Deena Smith; and tax lawyer James Seddon.