On Tuesday 17 June 2014, the closing of the HEMA High Yield Bonds Issue took place. NautaDutilh advised both HEMA B.V. and its Parent Dutch Lion B.V. with respect to Dutch, Belgian and Luxembourg law.
HEMA is a general merchandise retailer, active in the Netherlands, Belgium, Luxembourg, France, Spain and the United Kingdom. They design, market, sell and distribute products through their own stores, their network of franchises stores and their e-commerce platform. The products are substantially all HEMA branded. Most people know the sausages or the 'tompouces' that HEMA sells.
The refinancing of HEMA B.V. exists of two deals: (i) the issuance of Senior Secures and Senior Notes by HEMA BondCo I and HEMA BondCo II and (ii) the issuance of Senior PIK Notes by Dutch Lion B.V.
Dutch Lion B.V. incorporated two new entities, HEMA BondCo I and HEMA BondCo II, which act as Senior Secured Notes Issuer and Senior Notes Issuer for the first part of the deal. HEMA BondCo I issued EUR 250,000,000 Senior Secured Floating Rate Notes and EUR 315,000,000 6.25 per cent. Senior Secured Fixed Rate Notes and HEMA BondCo II issued EUR 150,000,000 8.50 per cent Senior Notes.
For the second part of the deal, Dutch Lion B.V. issued 85,000,000 11.25% / 12.00% Senior PIK Notes. The SSN/SN issue is secured by a security package to which the Issuers, HEMA B.V., HEMA Bakkerijen B.V., HEMA Financial Services B.V., HEMA-België B.V. and Hema Duitsland act as a Guarantor.
The proceeds of both issues, together with cash on hand and drawings under the Revolving Credit Facility, will be used to repay borrowings under the Existing Senior Facilities and the Existing Mezzanine Facility and to pay fees and expenses associated with the refinancing.
Our international teams
The NautaDutilh team in the Netherlands existed of: Petra Zijp, Jochem Polderman and Joyce Trebus (Capital Markets), Teska van Vuren, Wendy Guépin, Lisa Schoenmakers and Pier Beerda (Corporate) and Walter Schellekens, Roderick de Roo and Thijs Bosters (Banking & Finance).
The NautaDutilh team in Belgium existed of: Thibaut Willems en Nathalie van Landuyt (Finance), Nicolas de Crombrugghe and Dorothée Vanderhofstadt (Capital Markets) and Dirk van Gerven, Maxime Colle and Christophe Verstappen (Corporate).
The NautaDutilh team in Luxembourg existed of: Jan Krupski, Noemi Gemesi and Florian Germain.
Teska van Vuren is the main contact partner for Lion Capital and HEMA; Petra Zijp was lead transaction partner for this deal.