Milan, July 17, 2026 – Reno De Medici S.p.A. (“RDM” or the “Company”, together with its subsidiaries, the “Group”) announces that on 16 July 2026, it has entered into a binding transaction support agreement (the “Transaction Support Agreement”) with its shareholder and Noteholders representing 85.43% of its €600 million Floating Rate Sustainability-Linked Senior Secured Notes due 2029 (the “Notes”, and the holders thereof, the “Noteholders”) with respect to a comprehensive review of its capital structure (the “Recapitalisation” or the “Transaction”).
The proposed Recapitalisation will result in, amongst other things:
- Significant deleveraging of the Group’s balance sheet through the equitization of up to €300 million of debt (i.e. up to 50% of the principal amount outstanding under the Notes);
- Substantial enhancement of the Group’s liquidity position through (i) €100 million of new senior secured financing via notes (the “New Money Notes”) available to the Group, and (ii) the waiver and subsequent equitization of accrued interest under the Notes;
- the amendment and restatement of the Company’s Super Senior Revolving Credit Facility (the “SSRCF”) involving, among other amendments, an extension of its maturity date to April 2031;
- Material reduction in debt service payments and extension of maturity on the Notes through the exchange of any remaining Notes into (i) new senior secured notes maturing in October 2031 or (ii) amended and reinstated notes maturing in October 2033, both paying materially lower cash interest than the Notes; and
- The Company’s shares being transferred to a newly incorporated entity controlled by Noteholders who elect to participate in the exchange (the “Participating Noteholders”) and providers of the New Money Notes, with existing shareholders receiving an instrument entitling them to 5% of the overall economic equity interest, plus further equity upside subject to satisfaction of a certain hurdle.
The terms of the Recapitalisation have also been negotiated with the lenders under the SSRCF (the “SSRCF Lenders”) and their legal and financial advisers. The SSRCF Lenders are in the process of seeking the requisite internal approvals to enter into legally binding transaction documentation for the implementation of the Recapitalisation in the following weeks.
The Recapitalisation is expected to be completed in Q4 2026, subject to the satisfaction of customary conditions.
For further details on the terms of the Recapitalisation and/or the Transaction Support Agreement, please refer to the Company’s more detailed press release, available here:
http://rdmgroup.com/wp-content/uploads/2026/07/RDM-Cleansing-Statement.pdf