Capital markets: debt capital markets in France

Allen & Overy LLP

Allen & Overy LLP maintains its position as a top practice in the market thanks to its ability to assist with complex cross-border matters and broad practice scope. With the US-qualified Diana Billik as head of the international capital markets team, the group signals its particular strength in offerings involving US law, especially Rule 144A/Reg S. offerings, but also matters involving parallel offerings in Europe and the US. In Paris-office managing partner Hervé Ekué, the group also includes one of the most prestigious debt, hybrid and derivatives securities specialists. Other stand-out strengths include the team's strong sovereign debt offering track record, its experience in liability management transactions and its strong debt financing practice for small and medium-sized enterprises, particularly in Euro PP offerings. High-yield offerings, green bonds and EMTN programmes also feature among the practice group's areas of expertise.

Practice head(s):

Diana Billik; Hervé Ekué

Other key lawyers:

Julien Sébastien; Dan Lauder

Testimonials

A team of true professionals who possess solid expertise and experience in capital market matters.

Availability and responsiveness, able to mobilise the firm’s international network.

Valuable team that consists of several partners and several very valuable seniors. Without a doubt one of the best debt capital markt teams in Paris. They are good advisors, available and able to deliver even under challenging circumstances.

Julien Sébastien is a true professional, rigorous, with extremely good knowledge of the law, always available and ready to find a new solution for his clients. He knows when to take commercial matters into consideration.

Diana Billik is part of the solution of our challenges. She is always coming up with the smart ideas on how we can reduce turn around times and at all times she has delivered. She is calm under pressure, courteous and collaborative. We feel safe under her legal leadership. Her team of associates is fully in sync with her way of working and the service we receive from the firm is well coordinated and efficient.

Key clients

Air Liquide

Deutsche Bank

Crédit Agricole

Société Générale

Morgan Stanley

HSBC

Government of Abu Dhabi

Citigroup

BNP Paribas

BPCE (Natixis)

Essilor

Dexia

La Poste

CIC

La Mondiale

DNB Bank

Bank of America Merrill Lynch

SEB

Work highlights

  • Advised BNP Paribas on (i) a tender offer on the US market on $3bn notes issued by EDF; (ii) a tender offer on the Euro market on €1bn notes by EDF and (iii) the issue by EDF of a new series of eight-year Non-Call Reset Perpetual Subordinated Notes (value, €500m).
  • Advised BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC, JP Morgan, Natixis, Société Générale and Unicrédit on Alstom’s return to the bond market with a €700m issuance.
  • Advised SEB on its issuance of $1,250m 2.200% notes and $500m floating-rate notes (all due 2022), placed with US investors under Rule 144A/Reg S.

Cleary Gottlieb Steen & Hamilton

With its ongoing presence in the biggest matters in the market, Cleary Gottlieb Steen & Hamilton impresses and demonstrates strength in debt and equity capital market offerings. With Andrew Bernstein, who co-heads the practice with Valérie Lemaitre and Fabrice Baumgartner, and John Brinitzer, the practice includes two US-qualified partners and is thus particularly well suited to transatlantic offerings and often joins forces with colleagues in the firm's London and New York offices. The group handles a varied caseload, ranging from high-yield to investment grade offerings, and including EMTN and USMTN programmes alongside liability management transactions and bank capital securities offerings. Sovereign debt offerings, convertible bonds, (including green convertible bonds), and Panda bonds are other areas of strength. The firm also has a strong record of improving its client service through the use of technology-driven efficiency savings.

Other key lawyers:

Bathélemy Faye; John Brinitzer

Testimonials

The team is very involved and perfectly dedicated to serving our needs, with a great capacity for adaptation and speed in our communication.’

Good knowledge of our internal structure. Valérie Lemaitre and Andrew Bernstein are remarkable partners. Laura Birene is a remarkable associate.

Key clients

ArcelorMittal

Total

The Republic of Côte d’Ivoire

BNP Paribas

Crédit Agricole

Council of Europe Development Bank

BPCE

Edenred

CIC

BFCM (Crédit Mutuel)

Publicis Group

The Republic of Senegal

The Republic of Togo

Société Nationale des Pétroles du Congo (SNPC) and the Republic of Congo

Work highlights

  • Assisted ArcelorMittal with all of its capital markets financings in US-Dollars and Euros, including (in 2019) two SEC-registered offerings totalling $1.25bn.
  • Counsel to the underwriters in connection with two SEC-registered offerings by Total Capital (aggregate value: $4.1bn).
  • Deal counsel to BNP Paribas in connection with the annual and quarterly updates of its $45bn US MTN program and numerous 2019 and 2020 issuances (all 144A/Reg S.), of MREL/TLAC-eligible securities therein, as well as stand-alone issuances of AT1 securities.

Clifford Chance

Clifford Chance's debt capital market practice is an integral part of the firm's wide-ranging capital market offering. Alex Bafi, Cédric Burford and Jonathan Lewis form the lead trio, with Bafi and Burford the key debt capital market practitioners, while Lewis's core expertise lies in securitisation, structured finance and derivatives.  In addition to the three partners, the group also includes a strong roster of counsels and associates, including Auriane Bijon who specialises in capital markets and structured finance. The group assists with the full range of debt capital market instruments and has a demonstrable track record assisting financial institutions and issuers alike, making it one of the most versatile teams in the French market. Moreover, its ability to assist with English, US and French law is a key contributor to the group's exceedingly wide practice scope which includes EMTN programmes, green bonds, Rule 144A/Reg S. offerings, hybrid bond issuances and sovereign debt matters. The practice's experience advising supranational organisations, government agencies and local authorities is also particularly noteworthy.

Other key lawyers:

Olivier Plessis; Auriane Bijon; Andrew McCann; Alexander Tollast

Testimonials

The Clifford Chance team has shown itself to be especially innovative in its legal drafts in the context of a constantly evolving legislative environment.

Cédric Burford is a true professional, rigorous, with perfect mastery of both French and English law, always available and ready to innovate.

Key clients

BNP Paribas

Crédit Agricole CIB

Natixis

Société Générale

RCI Banque

Goldman Sachs

Bank of China International Holdings

Citigroup

EIB

HSBC

JP Morgan

Morgan Stanley

National Bank of Abu Dhabi

Standard Chartered Bank

Accor Hotels

Alstom

Carmila

Carrefour

Dassault Systèmes

Neopost

Pernod Ricard

Unibail – Rodamco -Westfield

VINCI

Volvo

Thales

UMG Groupe VYV

Government Authorities:

Société du Grand Paris

The Government of Sultanate of Oman

CADES

Work highlights

  • Advised BpiFrance on its first French Covid-19-related bond issuance, with proceeds to be used to finance the exceptional measures implemented by Bpifrance within the context of its general interest missions and aimed at mitigating the economic and social impact of the pandemic on French companies.
  • Assistance with the establishment of the new SNCF EMTN programme and its inaugural issuance of green syndicated notes under the programme; particularly, advising the dealers on the establishment of the EMTN programme of SNCF SA, the new holding company of the SNCF Group post-transformation; and the joint lead managers on the inaugural green syndicated issuance of SNCF SA under the programme.
  • Assisted Pernod Ricard with its €1.5bn dual-tranche bond issue.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I. remains among the most active debt capital market practices in Paris thanks to a broad range of expertise which includes the most complex deals, such as those involving private placements in the US and in Europe, Rule 144A/Reg S. matters, high-yield offerings and hybrid financings, in addition to more vanilla deals. The group's experience assisting with the issuance of 'Panda', green, social and ESG bonds is a key contributing factor to its continuous success. The French giant houses a strong raft of renowned practitioners, first-and-foremost practice heads: Hubert Merveilleux du Vignaux, Melinda Stege-Arsouze (a specialist in US securities law), Arnaud Duhamel and Laurent Vincent - all of whom have earned the trust of major corporations, governments, alternative capital providers and leading financial institutions alike.

Other key lawyers:

Scott Logan

Testimonials

Available and efficient.

Competent, available and personable.

Hubert Merveilleux du Vignaux is always available which is rare for a partner of his calibre. Encyclopaedic knowledge of capital market law. Always able to find a solution.

Hubert Merveilleux du Vignaux and Laurent Vincent are excellent professionals: absolute experts in capital market law, available and very reliable.

We have appreciated working with Laurent Vincent and Louis Ravaud because of their expertise, availability and guidance.

Key clients

Europcar Mobility Group

Deutsche Bank

Crédit Agricole CIB

Société Générale

Air France KLM

BNP Paribas

Barclays

Veolia Environnement

Gensight

CNP Assurances

Caisse de Refinancement de l’Habitat

Fromageries Bel

Pernod Ricard

Council of Europe Development Bank (CEB)

Region Ile de France

Eiffage

Work highlights

  • Advised CNP Assurances on  its issuance of €750m Tier 2 subordinated green bonds admitted to trading on the regulated market of Euronext Paris.
  • Advised a bank syndicate on a tender offer and a concurrent issue of new bonds by Air France-KLM.
  • Advised Europcar Mobility Group on structuring and implementing new financing facilities (totalling €307m), including a €220m French State-guaranteed loan granted in the context of the current Covid-19 crisis.

Linklaters

Led by Véronique Delaittre, Linklaters' capital markets team not only demonstrates a stellar track record, but can also draw on the firm's wider offering - particularly in corporate, financing and regulatory matters - both in Paris and its offices abroad. The team's debt capital market practice consists of a mix of work for issuers, underwriters and arrangers, and regularly includes matters requiring expertise in US, English and French law, on which triple-qualified Luis Roth (whose core specialisms include SEC-registered offerings as well as Rule 144A/Reg S. offerings) is the key contact. The high-yield practice was further strengthened in January 2020, with the arrival of former White & Case LLP US securities specialist, Colin Chang, who divides his time between the firm's Paris and London offices.

Practice head(s):

Véronique Delaittre

Other key lawyers:

Luis Roth; Colin Chang; Cheri De Luca

Testimonials

The capital market team is very experienced, very technical and knows our needs and wishes perfectly. The projects are well distributed among the different lawyers and always handled very quickly and efficiently to everybody’s satisfaction. This is a high-performance team that is very reliable on which you can count under any circumstances and for any type of work.

Véronique Delaittre is a very talented lawyer. She listens very attentively to her clients’ needs to provide them with an exceptional service. Definitely one of the stars in the debt capital market field.

High availabillity and attentiveness, especially from Véronique Delaittre. Excellent from a technical point of view and perfect knowledge of not only the capital market sector, but also of our business. The team members know how to work together and how to share their skills to efficiently, quickly and precisely handle the matters that clients entrust them with. That is extremely reassuring for clients.’

Key clients

Iliad

Société Générale

Suez

JP Morgan Securities

BNP Paribas

UniCredit Bank

HSBC Bank

Natixis

SG Americas Securities

Citigroup Global Markets

Nexi

Legrand

Crédit Agricole Corporate and Investment Bank

Banque Ouest Africaine de Développement BOAD

Innate Pharma

Genfit

Younited

CCR Re

NeoT Green Mobility

Work highlights

  • Advised the banks’ syndicate -composed of BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC France, Natixis and Société Générale- on Bouygues’ €1bn bond issue.
  • Advised Italian payment services firm Nexi on its €2bn IPO (the largest in Europe in 2019).
  • Advised a syndicate of banks on the sale of approximately €1.2bn of Worldline shares (the ‘ABB Placement’) to qualified investors – including in the United States; the ABB Placement included the sale of €14.7m Worldline shares by Atos and of €7.9m Worldline shares initially held by Six Group.

White & Case LLP

Capital markets heavyweight White & Case LLP remains an undoubted leader in the Paris market, not only due to the depth of its bench, but also its exceptional level of activity. Practice head Philippe Herbelin's team handles a wide array of debt capital market instruments, with EMTN programmes a particular busy line of work that includes Rule 144A/Reg S. offerings, high-yield bonds, Euro PP and hybrid bonds. Green and social bonds, as well as issuances by French clients in foreign jurisdictions - such as Yankee, Samurai and Uridashi bonds - are additional areas of expertise, as are liability management transactions, which are a particular area of strength. With its versatile team including US and English law-qualified practitioners, and the resources provided by firm's own international footprint, the practice is an excellent choice for complex cross-border matters. Other key names in the group include Séverin Robillard, Thomas Le Vert, Cenzi Gargaro and Grégoire Karila. However, high-yield and acquisition finance expert Colin Chang moved to Linklaters LLP in December 2019.

Practice head(s):

Philippe Herbelin

Other key lawyers:

Max Turner; Séverin Robillard; Grégoire Karila; Thomas Le Vert; Cenzi Gargaro

Testimonials

‘White & Case‘s Capital Markets team is made up of partners and associates with excellent technical skills, which they put at the service of their clients with great efficiency and availability. They are very attentive to the needs of their clients and know how to guide them in their legal issues with flexibility and realism. The collaboration between the members of the team is fluid and the interpersonal skills of each makes working alongside them very pleasant.’

‘Max Turner has excellent technical skills, which he puts to the service of his clients with great efficiency and great availability. He is always attentive to the needs of his clients and knows how to guide them in their legal issues with flexibility and realism. Senior associate Tatiana Uskowa is an excellent lawyer who inspires confidence as counsel. She carries out her missions with great efficiency and also has great interpersonal skills which make the collaboration fluid and very pleasant.’

‘Diverse team able to provide services in all areas of the capital market. Partners available.’

‘Availability/responsiveness/commitment to the positions taken/quality of advice and pragmatism.’

‘Grégoire Karila and Max Turner are pragmatic partners who get involved in their file and with whom it is very pleasant to work. Petya Georgevia and Mathieu Damnon are very efficient and allow us to process our transactions smoothly.’

Key clients

Barclays

Belfius Bank

BofA Merrill Lynch

BPCE

BNP Paribas

Citigroup

Crédit Agricole

Crédit Agricole CIB

Credit Mutuel Arkea

Credit Suisse

Deutsche Bank

Goldman Sachs

HSBC

JP Morgan

LCL

Natixis

Société Générale

UBS

Air France-KLM

Air Liquide

Atos

Casino

ENGIE

LVMH

Michelin

Peugeot

Plastic Omnium

Rubis

SMCP

Sodexo

SPIE

Suez

Tereos

Verallia

Vinci

Worldline

Icade

Foncière INEA

Kaufman & Broad

Mercialys

Réside Etudes

3CIF

Agence France Locale

Agence des Participations de l’Etat

Caisse des Dépôts et Consignations

Compagnie de Financement Foncier

Republic of Cameroun

Republic of Gabon

AXA

CNP Assurances

Coface

Groupama

CNP Assurances

Work highlights

  • Represented the bank syndicate on Capgemini’s €3.5bn dual-tranche issue to refinance the acquisition of Altran Technologies, the largest bond issue by a BBB Issuer in France during 2020.
  • Advised Rubis Terminal on its €410m bridge loan and subsequent refinancing via a €410m single tranche issue of senior notes.
  • Advised Engie on its €2.5bn triple offering.

CMS

CMS impresses with the international scope of its practice, a strong line in EMTN work, its longstanding experience in covered bonds and its stand-out practice in green, social and sustainability-linked bonds. Practice head Marc-Etienne Sébire and his team are also a very good address for Euro PP matters - including innovative private placements, such as the first green Euro PP and the first Euro PP listed on Euronext Paris. Liability management transactions are also an integral part of the group's caseload. Clients benefit from the firm's own 'Intelligence Department', which assists with associated tax, legal and employment questions, and includes team heads (and new technology expert), Bruno Dondero, as well as associate François Gilbert, formerly at the Autorité des marchés financiers.

Practice head(s):

Marc-Etienne Sébire

Other key lawyers:

Rosetta Ferrère

Testimonials

‘Reactivity of the team! Always ready to go the extra mile with a commercial attitude to find good solutions.’

‘Partners Grégory Benteux and Marc-Etienne Sébire are very accessible, as is Rosetta Ferrère.’

Key clients

Société Générale

BNP Paribas

Natixis

Crédit Agricole CIB

Barclays

HSBC

Crédit Industriel et Commercial

Imerys

BPCE

Bpifrance Financement

Arkéa

Bel

Caisse des Dépôts et Consignations

HIT

SANEF

SFIL

CAFFIL

My Money Bank

Octo Finances

Work highlights

  • Advised BNP Paribas and NatWest Markets (as joint structurers and joint lead managers), and Crédit Agricole CIB, Goldman Sachs International and JP Morgan (as joint lead managers), on the €1.5bn Covid-19 Response Bonds issued by Bpifrance Financement as part of its €35bn EMTN program guaranteed by EPIC Bpifrance.
  • Advised Bel on the establishment of its new financing through a two-tranche Euro PP issue, for a total amount of €125m.
  • Advised CAFFIL on its €1bn social covered bonds, issued as part of its €7bn EMTN program, with Barclays, ING, Natwest, Société Générale, Dekabank, Helaba and Nord/LB as joint lead managers.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP specialises in assisting issuers with their debt capital market offerings. This strategic positioning in the market allows the practice to attract an impressive list of major national and international companies -including Japanese and US-American players- as well as clients from emerging markets. Increasingly, practice head Louis de Longeaux and his team also acts for small and medium-sized enterprises. While the bulk of the caseload consists of issuer work, the group is also well versed in advising arrangers. Recent work included matters regarding green bonds, European Commercial Papers, OCEANE bonds, EMTN programmes, German private placements (Schuldschein) and German registered bonds (Namensschuld-Verschreibung), as well as a US private-placements. For cross-border matters, the practice is able to draw on its colleagues in offices abroad, for example in Frankfurt.

Practice head(s):

Louis de Longeaux

Key clients

La Banque Postale

Korian

Air Liquide

Boluda

JCDecaux

Groupe ADEO

Airbus

Orano

Arkema

Artemid

BNP Paribas

Bureau Veritas

Compagnie des Alpes

Schneider Electric

Danone

Conseil Général de l’Essonne

EssilorLuxottica

Groupe Atlantic

Groupe Lagardère

ONET

Renault

Safran

Société Foncière Lyonnaise

Société Générale

Tarkett

Groupe Soufflet

XPO Logistics

Indigo Group

Decathlon

Work highlights

  • Advised Airbus on the update of its €3bn Neu CP programme.
  • Advised Nexity on the its first green bond issuance for €240m.
  • Advised JCDecaux on a €1bn bond issuance to refinancing its existing debt.

Hogan Lovells (Paris) LLP

Stand-out features of Hogan Lovells (Paris) LLP's practice include its track record in innovative offerings -such as the first social impact bond in France and the first sukuk issued by Côte d'Ivoire; its experience in assisting leading financial institutions (both French and European); and its ability to assist with both French and English law, often requested in pan-European matters. In combination with the team's sector expertise in the insurance, energy, automotive and transport sectors, the practice remains a key player in the French market, even after the departure of Baptiste Gelpi to Reed Smith in March 2020. Sharon Lewis is global head of both the firm's financial institutions and insurance sector group, and its finance practice,  and co-directs the international debt capital markets practice in conjunction with fellow partners Vincent Fidelle and Katia Merlini.

Testimonials

‘Hogan Lovells is particularly strong in cross-border derivatives and general capital markets, because of their dual-qualified/dual-experienced lawyers in Paris.’

‘Katia Merlini in Paris is fantastic at expediting derivatives, projects, regulatory implementation of capital markets. High quality work.’

Sharon Lewis in Paris is the best at problem-solving of any kind.

Key clients

KBC Bank NV

Société Générale

Société nationale SNCF

RTE Réseau de transport d’électricité

AXA Bank Belgium / AXA Bank Europe SCF

Ceetrus

Electricité de France (EDF)

Edmond de Rothschild (France)

Crédit Agricole Corporate and Investment Bank

Work highlights

  • Advised KBC Bank on its €1bn Warrant Programme governed by English law and listed on Euronext Brussels.
  • Advised Société Générale regarding its UK debt instruments issuance programme with French law and English law notes, to be listed in the United Kingdom.
  • Advised Société nationale SNCF on the establishment of its short-term note programme (a €5bn Euro commercial paper programme and a €3bn French negotiable European commercial paper programme) following its transformation from a State-owned entity into a French limited liability company.

Latham & Watkins

Latham & Watkins is the country's first address for high-yield bond issuances, but is also very active in a wide spectrum of other debt capital market instruments, including investment grade, convertible and OCEANE bonds. Private placements are also included in the group's areas of expertise. Thomas Margenet-Baudr, qualified at both the Paris and New York bars, directs the team and leads on the majority of its cross-border caseload - which frequently includes matters involving multiple jurisdictions that also require the expertise of the firm's experts abroad, most often in the US. Roberto Reyes Gaskin, a US/French dual-qualified practitioner who had transferred to Paris from the Milan office, was made partner in January 2021.

Practice head(s):

Thomas Margenet-Baudry

Other key lawyers:

Thomas Vogel; Roberto Reyes Gaskin

Testimonials

‘Roberto Reyes Gaskin is efficient and diligent, always to the point. He has a good grasp of the big picture as well as focus on all the details. Most importantly, he is knowledgeable and abreast with the latest legal conditions in the capital market, at the same time willing to think out of the box.

As a non-legal professional, I especially appreciate Roberto Reyes Gaskin’s ability to explain obscure provisions with simple example and easy language.

Key clients

Groupe Bertrand

JP Morgan

Eutelsat

BNP Paribas

Deutsche Bank

Groupe Casino

Loxam

Natixis

Société Générale

Total

TechnipFMC

Afflelou

Fives

Work highlights

  • Advised JP Morgan on the inaugural European HY issuance of €410m 5.625% senior secured notes (due 2025) by Rubis Terminal.
  • Advised the banks on the €2.378bn (equivalent) high-yield bond and term loan B financing for Banijay’s acquisition of Endemol Shine.
  • Advised Groupe Casino on a refinancing consisting of a €800m issuance of senior secured notes, a €1bn term loan B facility and the signature of a €2bn revolving credit facility.

Stephenson Harwood

Since the October-2019 arrival of Jeremy Grant as practice head at Stephenson Harwood, the firm has become a popular choice for debt capital market matters in Paris. The dual-qualified (France / England and Wales) Grant and his team are very well versed in cross-border matters, on which they regularly collaborate with their colleagues from offices abroad (notably those in London, Singapore and Hong Kong). Clients also benefit from the group's experience in matters involving the other Paris-based departments, such as real estate, fund formation, and finance.

Practice head(s):

Jeremy Grant

Testimonials

Jeremy Grant and his team are not only capital market experts, including the regulatory framework and related matters, but are also able to operate under very tight deadlines and to deliver exceptionally good work even in sensitive times. We have worked with several renowned law firms and have never been as satisfied as we are with Jeremy Grant and his team.

‘Jeremy Grant is an outstanding counsel in the best sense of the word. Responsive, connected, creative and close to the constraints and interests of his clients, particularly on related regulatory issues. Jeremy is definitely the lawyer you want by your side on your debt issues.’

Key clients

SCOR

Halyk Bank

Work highlights

  • Advised SCOR on its  $124.8m issuance of perpetual fixed-rate subordinated resettable restricted Tier 1 notes.
  • Advised Kazakhstan-based JSC Halyk Bank as issuer on a consent solicitation process for its $500m 7.25% notes (due 2021), and its $750m 5.5% notes (due 2022).

Bredin Prat

Bredin Prat

Practice head(s):

Raphaële Courtier

Other key lawyers:

Samuel Pariente; Aurélien Jolly

Key clients

Firmenich

Lagardère

Saint-Gobain

SEB

Société Anonyme des Bains de Mer et du Cercle des Étrangers (SBM)

Ubisoft

Work highlights

  • Advised Firmenich International on the successful placement of its inaugural €1.5bn Eurobond Benchmark Offering.
  • Advised Lagardère in connection with its €500m bond issue.
  • We advised Groupe SEB in connection with a five-year €500m successful new bond issue, maturing June 16, 2025, with a 1.375% coupon.

Darrois Villey Maillot Brochier

Darrois Villey Maillot Brochier

Practice head(s):

Laurent Gautier

Other key lawyers:

Bertrand Cardi

Key clients

Bouygues

Vivendi

Valeo

Banijay

Pierre & Vacances

Work highlights

  • Advised Bouygues on its bonds issue (total value: €1bn).
  • Advised Vivendi on a €2.1bn triple-tranche bond issue (maturing in 2022, 2025 and 2028), and on the annual update of its €5bn EMTN programme (including an increase of the programme’s limit to €8bn).
  • Advised Banijay Entertainment and Banijay Group on the French law aspects of the issuance of €978m in dual-tranche Senior Secured Notes and €400m in Senior Notes.

Kramer Levin Naftalis & Frankel LLP

Kramer Levin Naftalis & Frankel LLP

Key clients

Midcap Partners

Fundamental Partners

La Banque Postale Asset Management

Aurel BGC

Zark Capital

Constructel Constructions et Télécommunications

Eiffel Investment Management

Eximium

Redbridge

GFI Securities

ITM Entreprises (Groupe les Mousquetaires)

Cap Vert Energie

Capelli

Arpilabe Holding

Work highlights

  • Advised Midcap Partners (as arranger), and the investors, in connection with the €105m Euro PP secured bonds issuance by Groupe Bertrand.
  • Acted a deal counsel on Constructel Constructions et Telecommunications’ €70m Euro PP secured bond issue (with a revolving credit facility tranch); with Aurel BGC acting as placement agent
  • Advised Eximium in connection with a €45m dual financing (bond and loan).

Shearman & Sterling LLP

Shearman & Sterling LLP

Practice head(s):

Hervé Letréguilly

Other key lawyers:

Séverine de La Courtie

Testimonials

‘Excellent knowledge of legal and operational issues related to debt financing activities.’

‘Excellent and very responsive team, strength of proposals and good communication with the client.’

Key clients

Verallia

Constellium SE

Orange

Nexans

Work highlights

  • Advised ST Microelectronics on (i) a $1.5bn dual-tranche offering of new convertible bonds and (ii) the early redemption of its 2022 convertible bonds.
  • Advised Deutsche Bank, BNP Paribas, Crédit Agricole CIB, Natixis and Société Générale, as joint bookrunners, on Loxam’s high-yield notes offering, consisting of €700m 3.25% senior secured notes (due 2025), €450m 3.75% senior secured notes (due 2026), and €250m 5.75% senior subordinated notes (due 2027).
  • Advised Natixis Securities Americas LLC in connection with the refinancing of Bridgepoint’s stake in Flexitallic.

FIDAL

FIDAL

Practice head(s):

Gautier Chavanet; Jean L’Homme

Testimonials

‘The team is professional, responsive, available and listens to us.’

The team consists of hardened professionals with proven experience and knowledge. They take a step back and remain calm when analysing problems and their opinions are well argued, balanced and allow for constructive exchanges. Their answers are quick, clear and complete.

The team shows unparalleled professionalism, very at ease with the subject and always available.

They leave a lot of room for exchanges and the consideration of all the stakes involved while making sure that the matter advances.

Key clients

GFI Securities Limited

Assistance Publique – Hôpitaux de Paris

Grenoble-Alpes Métropole

Département du Bas-Rhin

Département du Puy de Dôme

Département du Val d’Oise

Région Auvergne Rhône Alpes

Région Centre-Val de Loire

Région Provence Alpes Côte d’Azur

Agence métropolitaine des déchets ménagers (SYCTOM)

Work highlights

  • Regularly assisted GFI Securities (acting as dealer) with the issuance of bonds by public sector entities (hospitals, local authorities, public companies, etc).
  • Advised Région Centre-Val de Loire, as issuer, on its €500, MTN programme; review and commentary on all programme documents; and the issuing of a capacity opinion to the dealers.
  • Assisted SYCTOM, as issuer, with its €1bn MTN programme; review and commentary on all programme documents; and issuing of a capacity opinion to the dealers.