"The quality of our collaboration with Redbridge and the highly professional way they took time to understand our expectations by listening attentively to our needs enabled us to close the deal in good conditions and within the desired timeframe"
Engagement overview
- Set up an inaugural syndicated facility with the aim of refinancing the existing bilateral term loans and revolving credit facility and increasing the committed liquidity to a target amount of €1.1bn
Objectives
- Obtain the best possible all-in pricing
- Ensure the terms are aligned as closely as possible with the group’s US private placement documentation
- Enlarge the banking pool
Results
- €1.1bn facility in three five-year tranches (RCF: 5+1+1) plus a €300m accordion facility
- Four new banks included in the syndicate
- Significant (22%) oversubscription
Methodology
- Provided advice on the optimal structure of the different tranches
- Consultation enlarged to 14 banking groups including the group’s existing banks
- Two rounds of pricing negotiations and three rounds of negotiations on the 38-page term sheet to ensure all lenders were aligned at the most competitive conditions possible
- Over 150 Q&A
Value added by Redbridge
- Followed a tailored process and conducted bilateral negotiations with the various lenders to ensure optimal results
- Project closed within the timeframe agreed at the start of the project, with highly efficient “fast-track” process of consultation and negotiation taking just 10 weeks
- Reviewed draft documentation and provided support right up until final closing