Milbank Advises Senior Lenders to Keter Group on Transfer of Ownership

Milbank LLP has advised a group of senior lenders to the Keter Group on the successful transfer of ownership of 100% of the group to its senior lenders, and the subsequent recapitalisation of the group.

The group’s existing €1.3B senior facilities were reduced by €650M and reinstated as an amended and extended €730M senior term facility. The group also issued new shares to the group’s senior lenders, which were stapled with new PIK notes in the group’s holding company. The recapitalisation was implemented by way of a fully consensual amendment and extension of the existing senior facilities and issuance of new debt and equity instruments.

Milbank advised the senior lender group on all aspects of the transaction. The transaction garnered the support of all the senior lenders of the Keter Group and was completed on 29 April 2024.

Keter is the innovative global leader in durable consumer lifestyle solutions for, in and around the home under the brands including Keter and Curver.

The Milbank team was led by partners Kate Colman and Sinjini Saha, with Andrej Wolf, Alan Rafferty, Laura Bonamis and Barbara Mayer-Trautmann. The team included special counsel Nick Berkeley and Merih Altay, associates Isabel Langlois, Gabriel Steinberg, Tom Neilson, Abbey Dalgleish, Alex Taylor, Jade Du Berry, Mounir Haddad, Lewis Whiteoak and Anna Merkl, and trainees Preksha Dhingra, Archie Knight and Nik Repin.