January 14, 2016
Industrials and Industrial Technology
Debt advisory, Refinancing
Altium acted as exclusive financial adviser on the recapitalisation of Cordenka.
Cordenka, headquartered in Obernburg (Germany), is the leading producer of premium quality rayon fibre for the tyre industry. The company’s high-tenacity yarns/cords and fabrics are mainly used for industrial production of high-performance and ultra-high-performance tyres, mechanical rubber goods and plastic composites.
Acquired by Chequers Capital in 2011, the company has successfully delevered and has focused on the premium tyre segment by increasing its converting capacities in order to benefit from the higher margin and growth segments cord and fabric.
Altium structured and ran a competitive process involving the existing consortium and new lenders and advised Cordenka’s management as well as Chequers Capital on all commercial aspects of the transaction.
The transaction closed in December 2015.