Milbank LLP advised an ad hoc group of lenders to Anastasia Beverly Hills in connection with a comprehensive agreement for the recapitalization and refinancing of more than $600 million of the company’s funded debt. The recapitalization was unanimously supported by the company’s lenders. The transactions provide for the company’s founder, Anastasia Soare, to make a $225 million equity investment which will be used to fund a $200 million paydown of the lenders’ claims. In addition, the lenders agreed to equitize approximately $156 million of their claims and receive approximately $250 million in takeback loans. In connection with the closing of the transactions, the company reversed its dropdown of intellectual property assets, preventing any erosion of the lenders’ collateral position. The transactions closed on December 23, 2025, and served to substantially deleverage Anastasia Beverly Hills, enhance liquidity, and position it to invest in its growth strategy. Anastasia Beverly Hills creates prestige cosmetics for a passionate prosumer audience. Soare was first to introduce brow shaping followed by a product line based on her patented Golden Ratio Eyebrow Shaping Method and is widely credited for fueling the multi-million dollar business that surrounds the category. The Milbank team was led by Financial Restructuring partners Dennis Dunne and Sam Khalil and special counsel Jason Kestecher; Alternative Investments partner Lawrence Wee and associates Alex Shimamura and Jennifer Fegley; Corporate partner Scott Golenbock and associate Leslie Hamic; and Tax partner Russell Kestenbaum and associate Mendy Fox.