Global law firm Reed Smith has advised French travel luggage group Delsey on its €100 million debt refinancing.
The debt package has been provided by three specialist debt funds, Avenue Capital, Pemberton Asset Management and Permira, and has been used to refinance the existing debt provided by European Capital and fund the company’s growth. The debt package also included mezzanine debt provided by European Capital. The transaction is structured as a private placement governed by English law with an English law intercreditor agreement, while preserving the double-luxco holding structure.
The Reed Smith team was led out of London by Monica Dupont-Barton and included finance associates Benjamin Vicentini and Thierry Pujol d’Andrebo in London and partner Fernand Arsanios in Paris. Reed Smith offices in New York and Hong Kong were also involved.
Reed Smith counsel Monica Dupont-Barton commented:
“This deal proved the increasing sophistication of the unitranche product and the ability of credit funds to provide a bespoke cross-border financing with intercreditor arrangements covering several jurisdictions. It also demonstrated the adaptability of French corporates to financings under English law in order to tap a wider pool of debt investors.”
The debt process was run by Marlborough Partners, with Shearman and Sterling and Weil Gothshal & Manges acting as senior and mezzanine lenders’ counsel respectively. Delsey continues to be owned by Argan Capital, Partners Group (on behalf of its clients) and Paris Orleans.
Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 26 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (senior corporate communications executive EME) on +44 (0)20 3116 3787.