Frigoglass – Debt and Capital restructuring

Kyriakides Georgopoulos Law Firm advised the group of Frigoglass, a global leader in the Ice Cold Merchandisers (ICM) and Glass markets, on completing its debt and capital restructuring process.

The restructuring of the group’s debt involved implementing a debt-for-equity swap and discount for the existing creditors and the entry into new first and second lien indebtedness to refinance existing indebtedness and provide new liquidity to the group, while a rights issue was also required to implement the additional equity contribution by Frigoglass’ largest shareholder.

Among the key benefits to the group is significant deleveraging, including reducing the gross indebtedness by approximately €138 million, improved liquidity for the group with an additional €70 million to fund its business needs as well as restructuring-related expenses, a reduction in interest cost and the extension of the maturity of the group’s existing indebtedness for around 4.5 years.

The KG team was led by Partner Theodore Rakintzis.