"Redbridge lent its expertise in corporate finance to Monnoyeur Group, enabling us to significantly develop our financing structure through the introduction of our very first syndicated loan. The financial and non-financial conditions were carefully optimized, and the process streamlined and efficient."

Olivier Ferrand
General Secretary, Monnoyeur Group

Assignment overview

  • Transaction structure advice
  • End-to-end assistance in establishing an “inaugural” syndicated loan of €575m


  • Provide the Group with greater financial security by:
    • reducing structural subordination resulting from historically decentralized debt
    • replacing the majority of unconfirmed overdrafts with a Revolving Credit Facility (RCF) tranche adapted to cash flow requirements
    • pre-financing some of the costs of acquisitions anticipated in the Group’s five-year business plan
  • Keep the overall cost of debt at a competitive level while increasing its maturity significantly


  • Syndicated loan consisting of threetranches:
    • Refinancing loan of €175m depreciable over fiveyears
    • Investment loan of €150m depreciable over five years
    • RCF of €250m repayable at maturity in five years with a one-year extension option
  • Refinancing a large number of bilateral lines held in most subsidiaries, worth more than €100m
  • Extending the average debt maturity by nearly threeyears at an almost-unchanged non-upfront cost
  • Highly competitive financial conditions and legal terms, ensuring flexible financing


  • Detailed analysis of the Group, providing a precise positioning of its credit profile
  • Analysis of the five-year business plan, determining the corresponding financing requirement and calibrating the confirmed liquidity to secure the plan
  • A bilateral consultation with the banks in twostages: indicative positioning communicated at the end of July 2019, then firm agreements on the final detailed term sheet in October
  • Bilateral negotiations until conditions and pool were finalized
  • Closing and effective refinancing on 19 November 2019

Redbridge’s added value

  • Optimal structuring of financing in relation to the Group’s business plan, integrating structuring acquisition scenarios and worst-case scenarios
  • Project management that maintained momentum and followed a tight schedule
  • Optimum use of real-time negotiation levers and market knowledge to set the bar at the right level so that both parties, borrower and lender, were satisfied
  • Active contribution to the presentation and validation stages with the Group’s decision-making bodies
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