Posted on 02 December 2021
Aluminum Dunkerque successfully completes refinancing with support from Alter Domus
Aluminium Dunkerque Industries France SAS, Europe’s largest aluminium smelter, has completed the refinancing of its senior facility agreement which includes USD $235 million in debt and $65 million in hedging liabilities. Despite previously being in default, all holders of this facility have received payment at par plus accrued interest.
The replacement facility is a bond held by affiliates of American Industrial Partners Capital Fund VII, L.P. ("AIP"), and has a five-year maturity, a lower cash-pay interest rate, and no mandatory amortization. It also provides additional working capital for the plant to continue operating.
As the appointed facility agent and security agent on the senior facility agreement, Alter Domus played a crucial role in getting this complex refinancing completed within just 22 calendar days.
The transaction and its many moving parts required in-depth support from experienced professionals that understood the dynamics involved. Alter Domus and its teams provided this much-needed technical expertise to facilitate a smooth process for all parties involved.
Alter Domus also serves as security agent on the refinancing bond held by AIP.
Speaking about the transaction, Boris Betremieux, Head of Loan Successor Agency, Europe at Alter Domus, said: “We’re delighted to have assisted Aluminium Dunkerque, AIP and all parties and advisers involved on this transaction. Our expertise in the European restructuring market has allowed us to tackle this refinancing head-on and help ensure the stability of the firm’s capital structure.”
Alter Domus provides a complete range of Debt Capital Markets Solutions. Our strong expertise in complex restructuring is just one example of our unique servicing capabilities across the entire value chain.
Our DCM Solutions go beyond investor-level servicing, fund and SPV administration to include agency services (facility agent/security trustee), loan administration, as well as portfolio and compliance reporting for all types of debt instruments and underlying strategies.
Credit managers can focus on their core activity of fund raising and investing while entrusting Alter Domus to manage all middle and back office functions with automated data across a single platform.
To learn more, please get in contact with a member of our team below.
Head of Sales & Relationship Management, Debt Capital Markets, Europe
Head of Sales & Relationship Management, Europe & Group Head of Sales Operations