Birkenstock tweaks docs but not for the better

birkenstock company 575
By Owen Sanderson
27 Apr 2021

Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.

Investors in the senior unsecured notes, the only element of the acquisition package to come out in the bond market, had a highly aggressive set of documentation to consider, drafted, perhaps inevitably, by Kirkland & Ellis, the sponsor-side law firm which has become notorious for pushing covenant boundaries.

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