THE WHAT? Oriflame Investment Holding Plc has secured the required bondholder consent to amend the terms of its senior secured debt, clearing a key step in its recapitalisation process.
THE DETAILS The beauty company received valid and unrevoked consents from holders representing 98.40% of its US$550 million 5.125% senior secured notes due 2026 and 96.21% of its €250 million floating rate senior secured notes due 2026, exceeding the 90% threshold required for approval.
The consents relate to proposed amendments to the indenture governing the notes, originally issued in May 2021 and subsequently amended, as well as to the group’s intercreditor agreement. With the required consents obtained on December 16, 2025, the consent solicitation has expired and the consents can no longer be revoked.
Settlement is expected within three business days, subject to the satisfaction or waiver of customary conditions. Upon settlement, the amended and restated indenture and intercreditor agreement will become effective, formally implementing the revised terms.
THE WHY? The successful solicitation provides Oriflame with greater flexibility around its near-term debt maturities, strengthening its capital structure as it navigates ongoing financial pressures and seeks to stabilise its balance sheet ahead of the 2026 note maturities.
Source: Oriflame
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