"As part of a first double rating for Sonepar that accompanied the implementation of a commercial paper program, Redbridge’s expertise and involvement were invaluable to us."

Valérie Four
Director of Group Financing and Holding

Assignment overview

  • Implementation of a €500 million Negotiable European Commercial Paper (NEU CP) program and program rating


  • Optimize the group’s financing costs and continue the policy of diversification of financing
  • Assist the customer throughout the rating process, from the selection of agencies to obtaining the short-term rating
  • Program strength to be rapidly increased at optimum pricing conditions


  • Program sized at €500 million
  • Program rated A-2 by S&P and SR1 by Spread Research
  • Selection of six placement agents (Aurel BCG, BNPP, BRED, CACIB, CM-CIC, SG) including the banks from the bank pool, bringing together the underwriting needed to launch the program
  • Inaugural issuances on June 13, 2019 of €155 million at one, three and six months in very competitive conditions


  • Management of a triple process: placement agents | rating | Banque de France
  • Preparation of the rating book used to best present the group and the key credit elements
  • Personalized approach to banks to account for previous relationships, their motivations and their ability to assist at launch

Redbridge’s added value

  • Coordination of all players (Banque de France, banks, agents, lawyers)
  • Management of relations with rating agencies, assistance in preparation of the credit story (drafting of the rating book), coaching of financial management and executive management teams
  • Providing information on good issuance levels (coupon / maturity) to ensure a successful launch while maintaining competitive conditions for the issuer
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