Dentons has advised long-standing client Faurecia, one of the world’s largest automotive equipment suppliers, on a significant new refinancing transaction.

Faurecia raised €1 billion through two simultaneous international bond issues – an issue of €700 million 3.750% senior notes due 2028 and an issue of €300 million 2.625% senior notes due 2025 (which were consolidated with an existing series of notes). The transaction was an important element of the company’s strategy to support its financial resilience as it responds to the economic impact of COVID-19. The proceeds of the note issues were primarily used to refinance a short-term €800 million loan and extend Faurecia’s debt maturity profile.

Both series of new notes are listed on Euronext Dublin. The joint global coordinators were BNP Paribas, Crédit Agricole CIB, Natixis and Société Générale. Dentons assigned debt capital markets teams in London and Paris to deliver the deal, led by Capital Markets partner David Cohen, associate Niharika Khimji, senior associate Victoria Wyer and trainee Jessica Matheret in London, and Finance partner Philippe Max and associate Steeve Jaskierowicz in Paris.

Faurecia is one of the world’s 10 largest automotive equipment suppliers by revenue, with more than 100,000 employees and operations across Europe, Asia and North America. It is estimated that at least one third of vehicles in service in the world were originally equipped with at least one product manufactured by the company.

David Cohen said, “This was a fantastic transaction to be able to deliver with the Faurecia team in these challenging times. Given our long-standing relationship with Faurecia, it was a pleasure to be able to support them on such an important deal. We were able to provide English and French law debt capital markets teams and execute two complex transactions in a very tight timetable and in difficult market conditions.”

Philippe Max added, “We have been representing Faurecia on most of its financings since 2006 and we are proud of such a long-term relationship. This deal is further proof of the quality of our relationship.”