Oriflame Closes Transformative Recapitalisation Transaction, Delivering Approximately €500 Million Debt Reduction

Ropes & Gray has advised leading global beauty company Oriflame in connection with its comprehensive recapitalisation, marking a significant new chapter for the company’s future.

The transaction delivers a substantially de-levered and sustainable balance sheet with a debt reduction of approximately €500 million, a meaningful maturity runway, and an enhanced liquidity position through approximately €71.5 million in new capital provided by shareholders and participating noteholders. It also secures support from the existing RCF lenders, ensuring the continued commitment of an approximately €49 million revolving facility into the new capital structure.

This landmark transaction secures the long-term future of Oriflame, supporting the livelihood of its passionate and dedicated community members around the world, providing a stable platform for renewed growth, allowing the company to position itself positively for future success and to drive forward its transformation plan.

The transaction is yet another complex restructuring led by Ropes & Gray’s European team this year, following the historic recapitalisation transactions recently announced by Altice France S.A. and Altice France Holding S.A., reflecting the continued success of the firm’s global restructuring, finance and liability management practices.

The Ropes & Gray team included partners Matthew Czyzyk (Restructuring), Michael Kazakevich (Finance), Benoit Lavigne (Finance), Andrew Howard (Tax), and Elizabeth Todd (Private equity), and counsel Natalie Blanc, Ana Biloglav, Natalie Raine, and Kevin Nordin, with support from associates Alma Yasin, Emily Ma, Caroline Vorce, Edward Olsen, Adam North, Henry Wendorf, Alexandra S. Elphick, Jasper Millard, Hayley Stokes-White, Alex Pattisson, and Tim Waters, law clerk Lois Elshof, and trainees Ben McIntee and Megha Vinesh.