Goodwin advised a pool of French banks in the financial restructuring of the FIGEAC AÉRO Group, a leading partner for the major aerospace manufacturers.
As part of this restructuring, FIGEAC AÉRO reached an agreement with all of its financial partners, including:
- the consolidation of the Group’s equity through the strengthening of Tikehau Ace Capital's investment. The reserved share capital increase to which Tikehau Ace Capital has committed to subscribe, initially for an amount of €35 million, is increased to a maximum amount of €58.5 million;
- the rescheduling of existing financings from its banking partners until 2028 and the obtaining of new PGEs (state-guaranteed loans) amounting to €66 million, and new asset-based financings for €32 million, to strengthen the Group's cash position;
- the partial buy-back of the ORNANEs 2022 for €20 million of nominal value and proposal of modification of the terms of the ORNANEs 2022, including an extension of the maturity of the ORNANEs 2022 to October 2028, an increase in the conversion ratio from 1:1 to 1:3.4, and an increase of the coupon to 1.750%. This proposal is supported by a group of bondholders representing more than half of the outstanding amount;
- the Strengthening of the Board of Directors reflecting the Group's new shareholding structure.
The FIGEAC AÉRO Group specialises in producing light alloy and hard metal structural parts, engine parts, landing gear and sub-assemblies. FIGEAC AÉRO is a global group operating in France, the USA, Morocco, Mexico, Romania and Tunisia. The Group generated annual revenue of €204.6 million in the year to 31st March 2021.
The Goodwin team was led by partner Céline Domenget-Morin and included César Puech Routier, Emilie Cobigo, Christophe Digoy, Frédéric Guilloux.
For more information, read the press release.