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Paper Industries Intermediate Financing (& Lecta Limited) - Consent Solicitations - Update

Lecta Group receives wide support from financial stakeholders for proposed Refinancing transaction


30 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Luxse


"On 13 October 2023, Lecta Limited (the “Company”) and its subsidiaries (together, the “Group”) announced that holders of its 2025 First and Second Senior Secured Notes (respectively, the “First SSNs” and “Second SSNs”, together, the “Existing SSNs”, and holders thereof the “Noteholders”), holders of the debt under its super senior facilities agreement (the “SSFA”, and holders thereof, the “SSFA Lenders”) and the Group executed a lock-up agreement (the “Lock-Up Agreement”), pursuant to which those parties have agreed to support the implementation of the comprehensive refinancing package, initially announced on 12 October 2023 (the “Refinancing”).


The Company is pleased to announce that it has now received consents from: (i) 88% by value of aggregate outstanding principal under the First SSNs; (ii) 99% by value of aggregate outstanding principal under the Second SSNs; and (iii) 100% by value of aggregate outstanding principal under the SSFA for the changes necessary to implement the Refinancing. As a result of the level of consents already achieved, the Company is, and as contemplated under the Lock-Up Agreement, able to seek to effect the Refinancing via an English scheme of arrangement relating to the Existing SSNs (the “Scheme”) once certain other conditions to launch the Scheme have been achieved. However, notwithstanding the overwhelming support already expressed by Noteholders and SSFA Lenders, the Company continues to seek unanimous consent to implement the Refinancing and encourages any Noteholder who has not yet acceded to the Lock-Up Agreement to accede as soon as possible and by no later than 5:00pm (London time) on 17 November 2023."


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Paper Industries Intermediate Financing (the “Issuer” and, together with its indirect parent, Lecta Limited, and its subsidiaries, the “Group”) - Consent Solicitaion Extension


24 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Luxse


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"The Issuer announces today the extension of the Expiration Time for the Consent Solicitation, in accordance with the terms of the Consent Solicitation Statement. The new Expiration Time, as extended, is now 4:00 p.m., London time, on October 27, 2023 (the “New Expiration Time”)."


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Paper Industries Intermediate Financing (the “Issuer” and, together with its indirect parent, Lecta Limited, and its subsidiaries, the “Group”) launched today a consent solicitation (the “Consent Solicitation”)


13 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Luxse


"Floating Rate Senior Secured Notes due 2025 Regulation S Notes: ISIN XS2114335669 / Common Code 211433566 Rule 144A Notes: ISIN XS2114336550 / Common Code 211433655


Floating Rate Senior Secured Notes due 2025 Regulation S Notes: ISIN XS2194623109 / Common Code 219462310 Rule 144A Notes: ISIN XS2194623281 / Common Code 219462328


October 13, 2023


Paper Industries Intermediate Financing (the “Issuer” and, together with its indirect parent, Lecta Limited, and its subsidiaries, the “Group”) launched today a consent solicitation (the “Consent Solicitation”) to amend (the “Proposed Amendments”) certain provisions of the indentures relating to its outstanding €200,000,000 aggregate principal amount of Floating Rate Senior Secured Notes due 2025 (the “Initial Notes”) and its outstanding €55,555,555 aggregate principal amount of Floating Rate Senior Secured Notes due 2025 (the “Subsequent Notes” and, together with the Initial Notes, the “Notes”) pursuant to a consent solicitation statement dated the date hereof (the “Consent Solicitation Statement”). The purpose of the Consent Solicitation is to facilitate the implementation of a comprehensive refinancing package as agreed on October 12, 2023, with various parties, including a group of shareholders and senior secured creditors (the “Refinancing”)."


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Press release - Lecta Group reaches agreement with majority of shareholders and creditors on Proposed Refinancing


12 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Luxse and Lecta


"Lecta Limited (the “Company”) and its subsidiaries (together, the “Group”) today announces that agreement has been reached with its largest shareholders and a majority of the Group’s creditors on a proposed comprehensive refinancing package that will strengthen and protect the Group’s balance sheet and raise significant new capital to fund the further transformation of Lecta to Specialty papers (the “Proposed Transaction”).


The Proposed Transaction, which remains subject to certain conditions to completion, would result in the provision of in excess of €75m of new money under a new facility (the “New Money Facility”) by the Group’s shareholders and creditors and a significant extension of the maturities of the Company’s existing RCF and Term Loan (together, the “Super Senior Debt”) and Senior Secured Notes due 2025 (the “Existing Notes”).


The Proposed Transaction will position the Company to continue to overcome the challenges presented by the current weak market environment, helping to deliver the transformation towards speciality papers and to emerge with a solid liquidity position and healthy balance sheet, including by:


• significantly improving the Group’s liquidity profile, which is required to execute the Company’s capex plans and fund working capital to deliver on its business plan;

• having substantial support from existing stakeholders across the capital structure; and

• increasing the Group’s flexibility, with the ability to pay interest on certain financing instruments in kind to preserve liquidity.


The Proposed Transaction will comprise:"


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