"Redbridge’s support was instrumental. They enabled us to successfully refinance our syndicated sustainability-linked loan with flexible documentation, competitive pricing, and stronger sustainability KPIs, all in line with our CSR strategy."
Engagement overview
- Strategic advice on Pierre Fabre‘s optimal financing structure (Debt Structure Advisory), based on an assessment of the Group’s credit profile, liquidity requirements, and growth financing needs
- Sizing of the revolving credit facility (RCF) and defining target terms and conditions for this financing
- Refinancing of the syndicated loan in anticipation of its maturity in 2025
Objectives
- Having a 100% financing structure
- Securing competitive financial terms
- Extending maturity through new five-year financing, with two one-year extension options (5+1+1)
- Optimizing documentation flexibility
- Ensuring the facility’s “Sustainability-Linked Loan” (SLL) status
Results
- Syndicated loan for €300m, full RCF, maturity 5+1+1
- Improved margins despite inflationary market conditions
- Documentary easing, notably on covenants and acquisitions
- SLL loan aligned with the Group’s CSR strategy
Methodology
- Assisted the Group in its reflections on the optimal financing structure to be implemented as part of its medium-term plan
- Positioning of the credit profile
- Sizing of confirmed liquidity and RCF
- Coordination and management of bank consultations
- Worked on the ESG structure in parallel with the lender consultation process
- Supported the negotiation of terms and conditions
Value added by Redbridge
- Complete project management in collaboration with the Finance and Legal Departments, as well as CSR (Green Mission) and Human Resources for the ESG structure
- Customized process and personalized management of potential lenders, enabling optimal competitive dynamics
- Significant oversubscription of around 135%
- Entry in the pool of new banks, including one foreign bank
- 100% success rate for credit committee agreements based on the negotiated final term sheet
- Project completed in 4 months, with tight control of the timetable until closing