Bis completed it’s recapitalisation in late December 2017. The transaction was overwhelmingly approved by Bis’ stakeholders, with 100% of voting senior lenders and PIK note holders in support of the proposed recapitalisation. The transaction was also approved by the Supreme Court of New South Wales on 15 December 2017.
As a result of the transaction, Bis now has a significantly de-levered balance sheet, with its pre-restructure gross debt of approximately $1.2 billion.
As a result of the transaction, funds managed by Caryle and Värde Partners are the new majority equity owners in the new Bis holding company (being, namely Bis Industries Holdings Limited). In total, senior lenders (including Carlyle and Värde Partners) own 96% of the shares in Bis Industries Holdings Limited, with the remaining 4% being owned by the PIK note holders.
Carlyle and Värde Partners are both leading financial sponsors with significant global resources, a strong commitment to the business and a focus on long-term value creation.