"Redbridge's guidance and leadership in the commercial paper market enabled us to successfully execute our inaugural NEU CP program. This is a new source of financing for the group and has allowed us to make significant financial savings and diversify our lender base."

Brice Fournet
Group CFO

Engagement overview

  • Setting up Aegide’s inaugural Negotiable European Commercial Paper program (NEU CP)
  • Advising Aegide about the rating process for its program, enabling the company to access the NEU CP market


  • Optimize funding costs with a competitive source of financing, using the group’s revolving credit facility as a back-up for the program
  • Pursue the group’s policy of diversifying its short-term (one month to one year) financing
  • Advise the issuer throughout the rating process, from selecting the rating agency to obtaining the rating
  • Support the issuer in the process of setting up and then ramping up the program


  • Program size of € 100 million
  • Program rated SR1 by EthiFinance
  • Selection of five dealers: Aurel BCG, BNP Paribas, BRED, CACIB and Société Générale
  • Selection of CACEIS as paying agent
  • Inaugural issues of €55 million at the end of September / beginning of October at one month at competitive conditions


  • Management of three processes: dealers, rating and Banque de France
  • Rating book drafted to introduce the group’s key credit elements
  • Developing a personalized approach based on partnership with the group’s relationship banks
  • Maintaining steady momentum even though the large number of stakeholders involved and the rating procedure acted to slow down the process

Value added by Redbridge

  • Coordination of all parties involved (Banque de France, banks, rating agency, lawyers)
  • Management of the relationship with the rating agency, assistance in developing the credit story (drafting of the rating book) and coaching Aegide’s finance department
  • Providing insight on pricing (coupons and maturities) to ensure a successful launch
  • Coaching the issuer after the inaugural issues
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