"Redbridge directed in a neutral and expert manner a large panel of stakeholders, contributing to the success of this complex and structuring financing deal."
Engagement overview
- Context: Arranging bank and disintermediated fundings in relation to the recomposition of the company’s shareholding
- Debt capacity analysis / lender education phase in order to define and calibrate the best financing options
- Optimization of the terms and conditions of all related financing transactions
- Coordination of all stakeholders involved in the financing operations (bank arrangers, private lenders, CSR coordinators, lawyers, new shareholders)
Objectives
- Make sure the M&A timetable is respected
- Optimize the financing structure (quantum, format, maturity) in the specific context of an equity transaction
- Further improve the terms and conditions
- Include ambitious ESG criteria in senior financings that are consistent with NGE’s goals
- Ensure fair treatment of all lenders and stakeholders
Results
- €500m of debt raised (€350m from banks / €150m from bond investors)
- Average maturity lengthened
- Continued diversification of the Group’s funding
- Maintained access to the NEU CP program
- Incorporation of ESG criteria in the 2 transactions (first sustainability-linked private placement listed on Euronext Paris)
- Optimized pricing
- Easing of financial ratios
Methodology
- Debt Structure Advisory
- Rating assessment: bank and agency viewpoints
- Term sheet drafting in conjunction with NGE and its legal counsel
- Benchmarking of all terms and conditions
- Preparation of verbal elements for the financial management
- Coordination of all stakeholders until final closing
Value added by Redbridge
- Recommendation of an appropriate debt level for NGE in order to pursue a very ambitious development plan and in the context of a major equity deal
- Act as a “conductor” for all parties involved, alongside NGE and the incoming shareholder, Montefiore Investment, to ensure that an ambitious timetable is respected
- Supporting NGE in the negotiation of terms and conditions with the arrangers of the various financing instruments