Pronovias
UPDATE 1: Kirkland & Ellis Working With Pronovias as Legal Advisor
Tue 12/06/2022 06:38 AM
UPDATE 1: 6:38 a.m. ET 12/6/2022: Law firm Kirkland & Ellis is advising Spanish wedding dress maker Pronovias in debt talks, sources told Reorg.
The firm and Pronovias’ private equity owner BC Partners declined to comment.
– Luca Rossi, Declan Bush
Original Story 12:05 p.m. UTC on Dec. 2, 2022
Pronovias Lenders Organize, Group Working With Latham & Watkins as Legal Advisor
Latham & Watkins is working with a group of creditors to Spanish wedding dress retailer Pronovias, which has an RCF maturing in March 2023, sources told Reorg. The BC Partners-owned company also has €215 million of first lien term loan maturing in 2024 and €80 million second lien due 2025.
Pronovias previously secured a covenant holiday under its RCF in exchange for additional €8 million equity provided by its sponsor BC Partners, in May.
At the start of 2021, the company received an equity cheque of about €20 million from BC Partners as well as a covenant holiday on the RCF springing covenant from lenders.
Pronovias’ capital structure consists of:
High leverage and liquidity constraints remain a concern for investors. The company had €8 million cash on hand at the end of January and its €45 million RCF was fully drawn.
In February 2021, the group amended the second lien loan to PIK interest until the maturity in 2025, saving the company about €6.5 million in interest, according to S&P.
According to Reorg’s CLO database, Pronovias’ loans are held by the following managers. Click HERE to see the full list of holders in the database.
EMEA Covenants has analyzed Pronovias’ loan documentation. For a copy of our analysis or to speak to our legal analyst, contact us HERE.
--Aurelia Seidlhofer, Andrew Ross, Luca Rossi
The firm and Pronovias’ private equity owner BC Partners declined to comment.
– Luca Rossi, Declan Bush
Original Story 12:05 p.m. UTC on Dec. 2, 2022
Pronovias Lenders Organize, Group Working With Latham & Watkins as Legal Advisor
Latham & Watkins is working with a group of creditors to Spanish wedding dress retailer Pronovias, which has an RCF maturing in March 2023, sources told Reorg. The BC Partners-owned company also has €215 million of first lien term loan maturing in 2024 and €80 million second lien due 2025.
Pronovias previously secured a covenant holiday under its RCF in exchange for additional €8 million equity provided by its sponsor BC Partners, in May.
At the start of 2021, the company received an equity cheque of about €20 million from BC Partners as well as a covenant holiday on the RCF springing covenant from lenders.
Pronovias’ capital structure consists of:
- A €215 million first lien term loan paying Euribor+450 bps due 2024;
- An €80 million second lien paying PIK paying 8.5% due 2025; and
- A €45 million RCF due 2023, which ranks pari passu with the first lien term loan.
High leverage and liquidity constraints remain a concern for investors. The company had €8 million cash on hand at the end of January and its €45 million RCF was fully drawn.
In February 2021, the group amended the second lien loan to PIK interest until the maturity in 2025, saving the company about €6.5 million in interest, according to S&P.
According to Reorg’s CLO database, Pronovias’ loans are held by the following managers. Click HERE to see the full list of holders in the database.
EMEA Covenants has analyzed Pronovias’ loan documentation. For a copy of our analysis or to speak to our legal analyst, contact us HERE.
--Aurelia Seidlhofer, Andrew Ross, Luca Rossi
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