LR Health & Beauty-LR Health & Beauty SE — new bonds commence trading-06/30/2026

研报英文原文证据摘录

LR Health & Beauty-LR Health & Beauty SE — new bonds commence trading-06/30/2026

LR Health & Beauty

CREDIT UPDATE | 30 JUN 2026

LR Health & Beauty SE — new bonds commence trading

LR Health & Beauty SE completed its financial restructuring in June 2026, materially reducing leverage. The Former Bond

(EUR 130m) was restructured into a EUR 62.5m Senior Secured Bond issued by LR Health & Beauty SE and a EUR 27.5m

Junior Bond issued by Abydos S.à r.l., a newly created Luxembourg holding company sitting above LR Health & Beauty SE,

in which bondholders now hold 89.9% of the equity. Net leverage has fallen from 7.9x to 4.6x, with senior net leverage at a

comfortable 3.2x. We forecast EBITDA to recover to EUR 27m by 2028e, with the key challenge remaining the rebuilding of

the sales partner base and restoration of distributor confidence. We expect the Senior Secured Bond to initially trade close

to par, while the Junior Bond is likely to trade at a discount given its unsecured, structurally subordinated and PIK nature.

The attached presentation summarizes the restructured capital structure and the investment case for the Senior Secured

Bond.

Restructuring completed June 2026 - key takeaways for bondholders

• The LR Health & Beauty SE restructuring completed successfully in June 2026, with the written procedure approved on 5 June, all new

issuances fully subscribed, and the Super Senior Bridge Bond redeemed on 22 June 2026. Bondholders now control 89.9% of the Parent

of LR, fundamentally aligning creditor and shareholder interests going forward

• The Former Bond (EUR 130m) has been replaced by the Senior Secured Bond (EUR 62.5m, 6.75% fixed coupon, maturing June 2030)

at LR level and the Junior Bond (EUR 27.5m PIK, maturing June 2031) at the new Parent.