Milbank Advised Senior Lenders On Recapitalization Of KKR-Backed Accell Group

Milbank advised senior lenders on recapitalization of KKR-backed Accell Group

Milbank LLP advised an ad hoc group of senior lenders on the successful recapitalization of the KKR-controlled Accell Group, a market-leading bicycle manufacturer.

The recapitalization involved a significant reduction of Accell Group’s liabilities, previously around €1.5 billion, including €885 million of senior facilities. The transaction extended maturities to 2030 and introduced €235 million of additional liquidity through three new facilities.

The restructuring of the senior facilities was implemented by way of a UK scheme of arrangement, with over 80% of the senior lenders supporting the scheme. All senior lenders received a portion of their existing commitments refinanced into a mix of senior and junior debt tranches, with the option to receive equity-linked instruments, and the opportunity to participate in a new super senior facility. The remaining liabilities were amended consensually as part of the overall transaction.

The Milbank team was led by Partner Sinjini Saha, with support from Laura Bonamis, Alan Rafferty, Marlene Ruf, Tristram Gargent, Barbara Mayer-Trautmann, and Mathias Eisen. The team also included Special Counsel Suzanne Thomson and Peetra Anderson-Figueroa; Associates Damilola Odetola, Joseph Clarke, Patrick Kratzenstein, Alex Taylor, Natasha Cacela, Irene Vazquez Scortti, Susanne Baier, and Freddy Pilkington; and Trainees Tom Shurman, Eamon MacDonald, and Richi Kidiata.

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