This global refinancing is based on two separate new financings for OL SASU:

• A financing package for a total principal amount of €320 million, amortising over 20 years, structured around FCT OL STadCo, a dedicated French direct lending vehicle (a fonds commun de titrisation). The securities issued, which are backed by commercial receivables mainly generated by the Groupama Stadium revenues, were privately placed in the U.S. and subscribed by leading institutional investors, mostly from the U.S.
  
  The group completed the first securitisation of trade receivables for a French football club, a sophisticated and innovative financing structure in a high-level sporting environment. KBRA Europe and DBRS Morningstar respectively awarded the Club a definitive financial rating of BBB+ and BBB, enabling it to obtain a remarkable fixed interest rate of 5.83% per annum; and
• An additional €65 million of financing with a five-year maturity (2028) from internationally renowned international banks in the form of: a variable-rate term loan for a total principal amount of €32.5 million repayable at maturity; and a variable-rate revolving loan for a total principal amount of €32.5 million.

These two new financings closed on 7 December 2023.

The Reed Smith team in Paris was led by Baptiste Gelpi, partner, assisted by Emmanuelle Dumont, associate, and Audrey Minnie, jurist, and advised OL on all aspects of the legal structuring of the vehicle and the direct lending aspect and the creation and drafting of the documentation relating to the French direct lending vehicle.

Goldman Sachs acted as mandated arranger.

OL Groupe was also advised by Stephenson Harwood, which was moreover involved in aspects relating to the additional fundraising.

DLA Piper advised the U.S. investors and senior lenders, while Pristine – the securitisation vehicle's management company – was assisted by Jones Day.