On 22nd October 2021, the largest aluminium smelter in Europe that specialises in the production of aluminium slabs and ingots, Aluminium Dunkerque Industries France SAS, formerly known as Liberty Industries France SAS accomplished the refinancing of its Senior Facility Agreement, comprising approximately $235 million of funded debt and $60 million in hedging liabilities.
The company confirmed all holders of this facility that were previously in default have received payment at par plus accrued interest.
The replacement facility is a bond held by affiliates of American Industrial Partners (AIP) Capital Fund VII, L.P. ("AIP"). The replacement facility comes with a five-year maturity, a diminished cash-pay interest rate and no mandatory amortization. The replacement facility also provides for significant additional working capital for the operating needs of the company and its subsidiaries.
Guillaume de Goÿs, CEO of Aluminium Dunkerque Industries France SAS, said: "This refinancing by AIP is welcome news, as it completely stabilizes our capital structure and provides greatly needed working capital. Among other benefits, it will allow all of the Aluminium Dunkerque companies in France to deliver their statutory audits, as required. We operate in a volatile industry, and as a result, a stable financial structure is required for long term operational success."
Amélie Hennion, Managing Director of Aluminium Dunkerque SAS, stated: "This major refinancing, which AIP delivered in 22 days, along with the social bonus confirmed to the workforce this past week, starts a new chapter for Aluminium Dunkerque in its relationships with its customers, suppliers and employees, as well as the French State."
The company has also announced the further name changes of several entities:
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