Nordic Bond Issuer LR Health & Beauty Strikes Deal to Slash Debt

Cosmetic products seller LR Health & Beauty SE has agreed a note restructuring with bondholders that will see nearly a third of the debt written off.

The German firm agreed a deal to restructure its €130 million ($154 million) Swedish-law note into bonds of varying seniority in exchange for €20 million in new capital, according to a statement Wednesday. The new financing is split between new senior bonds provided by noteholders, as well as an equity injection from shareholder Evoco AG.