Clifford Chance advises SMCP on contracting a state guaranteed loan and in gaining flexibility regarding its financial ratios

The SMCP Group, a global leader in accessible ready-to-wear luxury fashion and accessories, with a portfolio of four Parisian brands Sandro, Maje, Claudie Pierlot and De Fursac, was advised by Clifford Chance regarding the strengthening of its cash position and financial flexibility.

Clifford Chance advised the SMCP Group in:

• the signing of a €140 million loan guaranteed by the French State up to 90%, with 1 year maturity and an extension option of up to 5 additional years; and
• obtaining, from its banking partners, an easing regarding its financial ratios.

This loan brought together a pool of twelve banks (BNP Paribas, Crédit Agricole CIB, Crédit Agricole IDF, LCL, HSBC, Caisse d’Epargne IDF, Commerzbank, Société Générale, Arkéa Banque, Bank of America, Bred and Crédit du Nord). Completing these transactions should allow SMCP to benefit from a financial flexibility that is key to accompany the resumption of activity. Clifford Chance advised SMCP on these transactions with a team consisting of Cédric Burford (partner), Mary Serhal (counsel), Auriane Bijon (counsel), Nina Yoshida and Jessica Hadid (associates).