"Redbridge’s distinctive, disciplined process enabled us to secure aggregate commitments beyond our expectations and expand our lender base."
Engagement overview
- Refinance a syndicated credit facility that was approaching maturity.
- Raise sufficient additional financing to refinance the upcoming maturity of the group’s OCEANE convertible bond, which prevailing market conditions had made impractical to roll over.
Objectives
- Maximize the facility’s size, with a minimum target of €200 million.
- Minimize repricing.
- Expand the banking pool.
- Meet the agreed timetable.
Results
- Facility size of €324 million, well above target.
- Five-year bullet financing, with a mix revolving credit facility (RCF) and term loan (TL)
- Increased permitted indebtedness thresholds.
- Documentation aligned with existing terms, preserving flexibility.
- Lender base expanded.
Methodology
- Crafted a tailored credit story and customized approach to each lender to optimize credit appetite and terms & conditions.
- Prepared consultation materials (investment memorandum and detailed term sheet).
- Ran a two-stage process: (1) secure minimum funding with Bookrunners-Mandated Lead Arrangers (BMLA) group; (2) increase the size of the facility and reduce BMLA exposures through general syndication.
- Reviewed documentation and provided ongoing support until the process was finalized.
Value added by Redbridge
- Carefully designed process to foster competition between lenders and ensure success across all parameters.
- Ensured the term sheet was consistent with comparable transactions and existing documentation.
- Sequenced execution to secure liquidity while maximizing the facility’s final size.
- End-to-end coordination of the syndication process with oversight of the four BMLAs.
- Dedicated project team.