Linklaters advises RCF lenders on consensual recapitalisation of Oriflame group

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Lowri Cole
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lowri.cole@linklaters.com

Linklaters has advised the Revolving Credit Facility (RCF) lenders on the consensual recapitalisation of the Oriflame group involving US$550m of Fixed Rate Senior Secured Notes, €250m of Floating Rate Senior Secured Notes and a €100m Revolving Credit Facility.

Oriflame is a global beauty and wellbeing company founded in Sweden, operating in over 60 markets through a modern social selling model. Its portfolio spans skincare, cosmetics, fragrances, and personal care.

The transaction follows the successful consent solicitation launched by Oriflame Investment Holding Plc in November 2025 and the receipt of the required consents from holders of the Notes on 16 December 2025. The recapitalisation delivers a comprehensive reset of Oriflame’s capital structure and provides a stable runway for the group’s long term strategy.

The recapitalisation combines an injection of new money, a restructuring of existing debt, and amendments across the group’s financing arrangements.

The Linklaters team was led by Restructuring and Insolvency partners Nick Le Masurier and Juliana Leite de Barros and managing associate Dionne Brown, with support from counsel Jo Jimenez, associates Karandeep Deol, Vivien Ding and Connor Daly, and trainees Will Darnell and Raman Malashchanka.

The team was further supported by colleagues in Linklaters’ Amsterdam, Luxembourg and Sweden offices.