Graanul Invest Completes Consent Soliciation to Refinance Existing Notes

Paul, Weiss advised Graanul Invest, a leading European producer of sustainable wood pellets and a portfolio company of funds managed by Apollo, in its consent solicitation to extend the maturity of its existing €380 million in aggregate principal amount of 4.625% senior secured notes due 2026 and €250 million in aggregate principal amount of floating rate notes due 2026, each to October 15, 2029. Paul, Weiss also advised Graanul on an amendment extending the maturity of its €100 million super senior revolving credit facility to July 15, 2029. In connection with the consent solicitation, the company exchanged €626 million of existing notes for €577 million of new notes, consisting of €230 million of floating rate senior secured notes due 2029 and €348 million of senior secured notes due 2029, and extended the maturity of the remaining existing notes by three years.
 
The Paul, Weiss team was led by corporate partners David Carmona and Matthew Friedman, and included partners Gregory Ezring, Mark Wlazlo, Ken Ziman and Uma Sud; restructuring partners Liz Osborne and Kai Zeng and counsel Patrick Mackenzie; and tax partners Brian Grieve, Cian O’Connor and Timothy Lowe and counsel Samir Kurani.