October 21, 2025

Milbank Advises AFE S.A. SICAV-RAIF on Tender and Exchange Offer

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Milbank LLP advised AFE S.A. SICAV-RAIF (“AFE”) on its offer to purchase, exchange and consent solicitation in relation to its c. €330 million of outstanding senior secured floating rate notes due 2030 (the “Notes”) including an injection of additional senior secured debt to finance the cash offer and provide additional liquidity.

The transaction was implemented consensually having attained over 90% support from holders of the Notes enabling AFE to implement the transaction on equivalent terms as regards all of the Notes.  The transaction, which completed on October 17, 2025, delivered a significant deleveraging for AFE as well as reducing its debt service costs by exchanging the Notes into new loan instruments or purchasing the Notes at a discount to par value.

Milbank’s work was led by its London Financial Restructuring Group, including partners Yushan Ng, Ian Wallace and Kate Colman, special counsel Nick Berkeley and associates Ryan Edge, Preksha Dhingra and Frederica George. The Financial Restructuring Group worked closely with a team from Milbank’s Capital Markets Group comprising partner Rebecca Marques and associates Harshavardhan Sunder and Daniele Casa.

Milbank worked with co-counsel Elvinger Hoss Prussen who advised AFE in relation to Luxembourg law and Mourant who advised AFE in relation to Guersney law.