LR Health & Beauty SE Seeks Bondholder Approval on Covenant Breach

LR Health & Beauty SE has initiated a written procedure regarding its 2024/2028 bonds due to an anticipated breach of the leverage covenant set at a ratio of 4.50:1 net debt to EBITDA. Announced on 14 November 2025, the company is requesting bondholders to temporarily waive any breaches, including those related to compliance tests and postponed interest payments, until February 2026. Bondholders have until 28 November 2025 to vote, with the potential for early termination if a majority decision is reached.

The board's decision follows a 20 October 2025 announcement of the expected breach. The notice and voting instructions were dispatched to bondholders as per the established bond terms. Further details are accessible on the company's website.