July 25, 2012

Firm assists French real estate company on new financing structure.

The firm recently advised French real estate company Icade on its €1.55 billion club deal with eight banks. The new financing arrangement, structured in three tranches, will enable Icade (a subsidiary of the Caisse des Dépôts) and Silic, a leading Paris business park owner, to meet general financing needs, optimize debt schedules and increase back-up lines, while reinforcing overall financial strength. The 3-tranche club deal comprises a medium-term credit line (€625 million, 5-year maturity); a revolving credit facility (€550 million, 3-year maturity) and a forward-start credit line (€375 million, 3-year maturity from 2014).

With 2011 revenue of nearly € 1.5 billion, Icade invests in and develops public and private property and provides real estate services. The deal was handled by partner Eduardo Fernandez, national partner Paul Lombard and associates Farah El-Bsat and Virginie Sayag.