"This dual-tranche refinancing was a key milestone in the first half of 2026. The terms we secured reflect the strong momentum across our businesses, and we could count on the Redbridge team at every stage, from preparation through to the final negotiations."
Engagement overview
- Context: operational performance across the group and an acquisition in Germany by one of its business lines
- Refinancing of the 2019 syndicated facility (RCF and two term loans: €575m) and the 2022 syndicated term loan (€200m) into a single syndicated facility
Objectives
- Optimise the group’s financing structure and available liquidity in a difficult market
- Retain the existing bank pool while adding new lenders to broaden its international lender base, possibly a new German bank
- Close in Q2 2026
Results
- Single syndicated facility in two tranches:
- Term loan: €275m, five-year maturity, 25% balloon
- RCF: €300m, five years plus two one-year extension options
- Simplified debt structure, with early repayment of the 2022 term loan and the participating loan (PPR)
- Unchanged margin grid and lower upfront fees than on the previous transaction
- More flexible documentation
Methodology
- Reviewing the business plan through a cash flow model, and sizing the financing requirement and the committed liquidity needed
- Designing a lender approach, banks only, to maximise appetite and secure competitive terms
- Preparing the RFP documentation and running the bank process
- Selecting a syndicate aligned with the group’s objectives
- Negotiating tailored legal documentation and coordinating through to closing
Value added by Redbridge
- A tailored process and close management of the lender dialogue, creating real competitive tension
- A pace kept throughout, meeting the original closing timetable
- Coordination of all parties, banks and lawyers, alongside the CEO and CFO
- Board and committee materials, and support on key decisions
- An active role in negotiating the final legal documentation