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UPDATE 1: Arxada Reaches Agreement in Principle With 75% Senior Unsecured Noteholders to Join Transaction Support Agreement for A&E Deal
Swiss specialty chemicals company Arxada said today that it has reached an agreement in principle with a group representing more than 75% of its senior unsecured noteholders to join its transaction support agreement, or TSA, for its recapitalization and amend-and-extend transaction.
Only 20% of the senior unsecured noteholders supported the transaction when it was launched on May 12, while more than 60% of the company’s senior secured creditors had signed the support agreement initially, which increased to more than 75% by May 29.
To accommodate the unsecured noteholders, the company agreed in principle to a limited number of updates to the TSA with key creditor groups.
The company is working to implement the amendments with supporting creditors and expects the formal accession of the unsecured noteholders to occur during the week of June 22, targeting completion of the transaction in the third quarter of 2026.
The preceding intel was written with the assistance of AI.
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