The Paris Financial Restructuring team advised a pool of French Banks on the granting, with certain bondholders, of a new financing of a total maximum amount of 300 million euros to the listed group Pierre & Vacances, a European resort group that develops and manages tourist residences.
The first tranche of €175 million of the new financing was made available to the group on June 24, 2021.
This new financing granted to a Dutch subsidiary of Pierre et Vacances SA is guaranteed by various securities on the assets of the Group. In consideration for the provision of this new financing, part of the existing debt is also guaranteed by second ranking securities on the same assets.
A second tranche of €125 million, comprised of an additional tranche of the Term Loan and the PGE no. 2 may be drawn, at the Group's discretion, by no later than October 31, 2021 subject to the fulfillment of certain conditions precedent (including in particular the positive vote of Pierre et Vacances S.A.'s shareholders on the implementation of a trust (fiducie-sûreté).
The Goodwin team was led, in Paris, by Céline Domenget-Morin and included Bruno Pousset, Emilie Cobigo and Elodie Tancray on restructuring aspects, Arnaud Fromion and Laurent Bonnet on financing aspects and Christophe Digoy on corporate matters and in Frankfurt, by Stephan Kock, Dimitar Morfov, Helena Velimirovic and Thomas Schaak.