"Redbridge was able to immerse themselves in the spirit of efficiency and optimization set by Wavestone at the start, whilst contributing their knowledge and insights that enabled us to complete our refinancing with the best possible conditions."

Tiphanie Bordier
Group CFO


  • Refinancing the Syndicated Loan facility put in place by Wavestone in January 2016, in the context of the merger between Solucom and Kurt Salmon (which gave birth to Wavestone), and which was subsequently amended in October 2018
  • Outstanding amount of refinancing: ~€84m + RCF


  • Club Deal of up to € 160 m with 4 historical banks (BNP – Bred – LCL – SG) & 1 new partner (LBP)
  • Refinancing of Loan € 65 m / 6 years & External Growth Loan € 65 m / 7 years & RCF € 30 m 5 +1 years, with the possibility to increase the amount of the External Growth Loan
  • The refinancing was completed on schedule, in spite of the COVID-19 crisis
  • Removal of security conditions / Introduction of a final margin grid (Net Leverage ratio < 0.50x) / Reduction in financial commitments (possibility to increase the Leverage ratio to 3x on two separate occasions over the life of the credit) and more general improvements in the documentation


  • Detailed analysis of the credit profile, review of existing documentation, priority objectives and the general approach desired by Wavestone
  • Good team working with the borrower, and close collaboration with its legal counsel, enabled the development of a detailed Term Sheet and definition of the language, which allowed Wavestone to set the precise framework when assigning the role of coordinator to one of its core banks
  • Redbridge’s approach, as well as suggestion to add a complementary bank, to expand the current pool and stimulate healthy competition
  • “Behind the scenes” support to the borrower during the various stages of negotiation with the participants in order to ultimately arrive at mutually acceptable final conditions before going to credit committees
  • Term Sheet finalized mid-February | committee meeting mid-February-early March | drafting and finalization of documentation in March | closing 26 March

Redbridge’s added value

  • In-depth knowledge of syndicated loan market practices and current conditions, enabling us to challenge the structuring initially proposed by the banks and to position the negotiating drivers
  • Counterbalancing role in a process where the coordinating role has been assigned to one of the historical banks
  • Meaningful contribution to ensuring the challenging schedule was adhered to by all the stakeholders (Borrower – Lenders – Legal counsel)
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