The agreement has set up the European paper manufacturer to pursue its move towards specialty papers.

Lecta has used the agreement to merge its existing Senior Secured Notes (SSNs), currently split between two classes, into a single SSN class, maturing in Q3 2028, to drum up £77m in new financing for expansion, to issue shares to those buying the new SSNs, and pay out to investors who agreed to the deal.

In a statement, Lecta said: “The refinancing will position the company to deliver its transformation towards specialty papers and to emerge with a solid liquidity position and healthy balance sheet, by significantly improving the group’s liquidity profile and assisting with the execution of the group’s capex plans.

The deal was greenlit by investors at the end of October, with the firm gaining 88% majority by value of First SSNs and 99% for its Second SSNs. It announced its intention to refinance earlier that month.

Lecta directed the public to put any questions on the refinancing to Kroll Issuer Services at lectaltd@is.kroll.com.