Milbank Advises the Revolving Credit Facility Lenders and the Financial Advisor on the Successful Consent Solicitation and Exchange Offer Relating to Graanul Invest

Milbank LLP acted as legal counsel to the revolving credit facility lenders and the financial advisor in connection with the successful amendment and extension of Graanul Invest’s €250 million Floating Rate Sustainability-Linked Senior Secured Notes due 2026 and €380 million 4.625% Sustainability-Linked Senior Secured Notes due 2026 (the “Existing Notes”). The amendment and extension resulted in the extension of the maturity of its €100 million super senior revolving credit facility to 2029, the issuance of approximately €577 million of senior secured notes due 2029 (the “New Notes”) and the amendment of approximately €4 million of Existing Notes held by non-participating holders, following a paydown of €55 million.

The amendment and extension garnered support from all key Graanul Invest stakeholders, including its shareholders, major creditors and, on average, holders of over 99% of the outstanding principal amount of the Existing Notes.

Graanul Invest is Europe’s leading biomass and bioenergy producer, which specializes in the production of wood pellets, a sustainable, low-carbon alternative to fossil fuels that is used for renewable power generation. Graanul Invest operates 12 modern pellet production facilities in the Baltics and the US and six combined heat and power plants in Estonia and Latvia.

The Milbank team was led by partners Apostolos Gkoutzinis, Ana Grbec, Rebecca Marques, Suhrud Mehta, Alexandra Grant and Ian Wallace, associates Arkadiusz Czekaj, Stefanos Serfas, Panagiotis Tsezos, Obinna Mezu, Maxwell Short, law clerk Antonio Teodorescu and trainee solicitor Jamie Chen.