Keter has repaid its 2029 term loan B lenders at par, 9fin sources said, just one year after it completed a restructuring deal in which investors took control of the company.

The plastic outdoor furniture maker used new funds from local Israeli banks to refinance its €725m 2029 TLB, sources said. The new debt was inked before the volatility of US president Donald Trump’s 'Liberation Day' tariffs ground the market to a halt and pushed spreads wider.

Keter performed well in recent results, sources said, but completed a restructuring only last year.

The business announced in March 2024 that lenders would take control of the business, extending its debt deadline to 2029, and reducing the OpCo’s senior debt by around €626m.

That €626m of senior debt was reinstated at the HoldCo level, 9fin reported at the time. The OpCo, Keter Group BV, was left with €775m of debt, the source familiar said — a €725m TLB due December 2029 and a €50m super senior secured bank credit facility due December 2026

The existing OpCo senior debt included a senior secured €102m RCF, which was due on 31 December 2024, and a senior secured €1.2bn TLB, which was due March 2025.

Keter also priced €698m of 2029 PIK notes as part of the restructuring.

The lenders took over after the sale process, which came to a close in February last year, did not garner bids high enough to cover the TLB, 9fin reported last year.

9fin’s data shows that the largest holders of the TLB included CVC, Carlyle and Sculptor.

Before lenders took the reins, Keter had been owned by BC Partners alongside co-investor PSP Investment since 2016.

CVC and Carlyle declined to comment. Keter and Sculptor did not respond to requests for comment.

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