Maxeda €1.245 billion debt restructuring

Overview:

• Maxeda DIY has undertaken a €1.245 billion debt restructuring.
• The deal consisted of a debt for equity swap relating to the mezzanine debt and an 'amend and extend' of the senior financing.
• The debt consisted of €1.075 billion senior facilities and €175,000 mezzanine facilities.
• The deal saw the mezzanine lenders write off their debt in return for a controlling stake in the equity of the company.
• Ardian led the syndicate of seven mezzanine lenders.
• Maxeda DIY is a DIY retailer with 376 stores across the Benelux region and 7000 employees. It is owned by private equity houses KKR, Permira, Alpinvest and Cinven.

Wai Yee Tsang - Journalist