Global Law firm, Clifford Chance LLP has advised the syndicate of underwriters (led by BNP Paribas) in connection with the offering by Mobilux 2 SAS (“BUT”) and Mobilux Confo SAS (“Conforama”) and their respective consolidated subsidiaries (collectively, “Mobilux”) of €250 million aggregate principal amount of 7.00 percent senior secured notes due 2030 and the concurrent upsize of a revolving credit facility from €139.5 million to €210.0 million.
The proceeds of the notes offering will be used to repay in full Conforama’s state-guaranteed loans issued in connection with the COVID-19 crisis and accrued and unpaid interest related thereto, to fund the repurchase of certain shares in Mobilux’s parent holding company from minority shareholders, and to pay associated fees and expenses. The new notes are listed on the Luxembourg Stock Exchange.
The financing transactions were completed in connection with Mobilux’s corporate restructuring, which brought together the financing perimeter of the BUT and Conforama entities, enabling certain Conforama entities to provide guarantees of the new notes, the revolving credit facility and certain other existing indebtedness of Mobilux.
Mobilux is a leading French home equipment retail group operating the BUT and Conforama companies, with a network of 496 stores in France and an estimated market share of approximately 20 percent of the French furniture market.
Clifford Chance’s cross border team advising the underwriters on the bond issuance was led by London-based high yield partner, Jill Concannon, with key transaction support provided by Olivier Plessis (US Counsel), Yash Ranade (Senior Associate) and Garo Yaghsezian (Associate). London based finance partner David Robson and Paris-based finance partner Pierre-Benoit Pabot du Chatelard advised the lenders with respect to Mobilux’s super senior revolving facility agreement and were supported by Alim Amershi (Senior Associate), Eugenio Decio (Associate) and Ophelie Han Fing (Associate).
Jill Concannon commented “We are delighted to have advised on another financing exercise by Mobilux during the transformational merger exercise between BUT and Conforama. The outstanding coordination between our capital markets and banking teams across London, Paris and Luxembourg is a further example of Clifford Chance’s ability to advise on complex trans
