The company reported net sales of $437.2 million for the first quarter of 2016, up 0.7% compared to net sales of $434.0 million for the first quarter of 2015. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the first quarter of 2016 were $18.4 million, or $1.05 per diluted share, compared to $5.8 million, or $0.30 per diluted share, for the first quarter of 2015. Excluding certain items identified in the attached reconciliations to GAAP, first quarter 2016 adjusted net earnings were $19.2 million, or $1.09 per diluted share, compared to first quarter 2015 adjusted net earnings of $6.9 million, or $0.36 per diluted share. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $58.9 million for the first quarter of 2016. Adjusted EBITDA for the quarter was $60.1 million, up 58.4% compared to first quarter 2015 Adjusted EBITDA of $37.9 million.
Following the announcement released on 29 January 2020, the Lecta Group (as defined below) is pleased to announce the completion of a comprehensive recapitalisation transaction (the “Recapitalisation”), as initially announced on 24 September 2019. The Recapitalisation was implemented via the transfer of Sub-Lecta S.A. to be indirectly held by a newly incorporated UK company, which will be known as Lecta Ltd (“New Lecta” and together with its subsidiaries, the “Lecta Group”), and the exchange of existing senior secured notes (“Existing SSNs”) to new longer dated debt instruments and equity. The Recapitalisation results in a materially improved capital structure for the Lecta Group, and will strongly position it as it enters the next phase of growth.
Furthermore, the Lecta Group is pleased to announce that it has entered into an agreement with NatWest Markets Plc to provide €115 million super senior facilities (“New SSF”) – consisting of a super senior €60 million term loan and a super senior €55 million revolving credit facility – to refinance and replace the Lecta Group’s existing €65 million super senior revolving credit facility. The incremental borrowing capacity under the SSF provides the Lecta Group with additional liquidity and financial flexibility, as it continues its transformation towards a specialty paper company.
more detail at: https://cmspro.lecta.com/Announcements/Lecta_Group_successfully_completes_Recapitalization,_04-02-2020.pdf