December 13, 2023
Weil has advised Schoeller Packaging B.V. (the Company), a Brookfield portfolio company and European market leader of returnable industrial plastic packaging solutions, on its recapitalization and refinancing of its €250 million senior secured notes (SSNs) due November 2024.
The recapitalization involved a €154 million equity investment from the Company’s shareholders, Brookfield and Schoeller Industries, a new €125 million five-year senior secured term loan from Strategic Value Partners, and a four-and-a-half-year extension of the existing €30 million super senior revolving credit facility. The SSNs were redeemed in full.
The recapitalization and refinancing was completed on December 7, 2023 and was implemented with the support of both Brookfield and Schoeller Industries, following the withdrawal by the Company of Dutch WHOA proceedings commenced earlier in October 2023.
The transaction will provide Schoeller Allibert Group with the capital structure and additional capital that it requires to drive growth and position the business for success.
Andrew Wilkinson, senior European partner, who led the Weil team, said: “We are pleased to have advised on the recapitalization and refinancing of Brookfield portfolio company Schoeller Packaging B.V., which allows the business to continue operating successfully.”
The Weil team in the London office was also led by partners Jenny Davidson and Lois Deasey, and they were assisted by counsel Jon New and associates Matthew Fonti and Harrison Cross. Other Weil London team members included Finance partners Chris McLaughlin and Reena Gogna, counsel Nick Cusack and associates Elena Dagley, Madeleine Dobson, Zoe Halliday, Asha Phakey and David St-Onge; High Yield partners Gilles Teerlinck and Andrew Hagan and associate Fabio Pazzini; Tax partner Jenny Doak, counsel Stuart Pibworth and associate Akash Mehta; Corporate partner David Avery-Gee, Sarah Flaherty and Simon Lyell; and Litigation partner Chris Marks. The Weil team in Frankfurt included partner Britta Grauke, counsel Matthias Eiden and associate Nicolas Nöller; in Paris the team included Finance partner James Clarke; and in New York partners David Griffiths and Gary T. Holtzer; Tax partner Greg W. Featherman; Finance partner Benton Lewis and Capital Markets partner Frank R. Adams.