Article
Seqens Appoints Rothschild as Financial Advisor, Commissions PWC to Prepare Independent Business Review Ahead of Restructuring Talks; Lender AHG Takes FA Pitches
French pharmaceutical solution and specialty chemicals producer Seqens has retained Rothschild as financial advisor and commissioned PWC to produce an independent business review, or IBR, ahead of restructuring talks, sources said.
An ad hoc group, or AHG, of lenders, which is working with French law firm De Pardieu and Paul Weiss under a co-mandate, is taking pitches for a financial advisor, the sources added.
The AHG consists of six funds representing over 50% of Seqens’ €930 million term loan B due October 2028, and includes par lenders Alcentra, Carlyle, Blackstone and Barings, as well as hedge funds Lodbrok Capital and Caius Capital, which bought into the debt in the secondary market, as reported.
Seqens’ lenders started to organize after the group published weak second-quarter results with EBITDA down 24% year over year and liquidity dwindling amid continued cash burn.
The group’s term loan is quoted at 52.5/53.5 today, according to one source.
Sponsor SK Capital owns a 76.9% stake in Seqens, while previous sponsors Eurazeo, Ardian, Mérieux Equity Partners and Eximium own a minority stake.
Seqens’ capital structure, as of June 30, 2025, is below:
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06/30/2025
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EBITDA Multiple
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|---|---|---|---|---|---|---|---|---|
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(EUR in Millions)
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Amount
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Price
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Mkt. Val.
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Maturity
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Rate
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Yield
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Book
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Market
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|
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€130M RCF
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65.0
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65.0
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Apr-2028
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€930M Term Loan B
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930.0
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930.0
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Oct-2028
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EURIBOR + 4.500%
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Total Senior Secured Debt
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995.0
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995.0
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10.4x
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10.4x
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Local Bilateral Debt
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53.7
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53.7
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Earn Out
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2.4
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2.4
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Total Other Debt
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56.1
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56.1
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11.0x
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11.0x
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IFRS 16
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7.9
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7.9
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Total Lease Liabilities
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7.9
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7.9
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11.1x
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11.1x
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Total Debt
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1,059.0
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1,059.0
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11.1x
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11.1x
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Less: Cash and Equivalents
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(11.0)
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(11.0)
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Net Debt
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1,048.0
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1,048.0
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10.9x
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10.9x
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Operating Metrics
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LTM Reported EBITDA
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95.8
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Liquidity
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||||||||
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RCF Commitments
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130.0
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Less: Drawn
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(65.0)
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Plus: Cash and Equivalents
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11.0
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Total Liquidity
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76.0
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Credit Metrics
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Gross Leverage
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11.1x
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Net Leverage
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10.9x
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Notes:
The company reported 10.1x Senior Secured Net Leverage according to its SFA. Cash balance excludes €39M related to CellForCure cash as shown in Q1’25 presentation. |
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According to Octus’ CLO database, Seqens’ loans are held by the following managers. Click HERE to see the full list of holders in the database.
To see the covenant analysis or to talk to one of our legal analysts, click HERE. A private company analysis of Seqens is available HERE.
Seqens, Rothschild and PWC declined to or did not respond to requests for comment.
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