Kramer Levin Advises Midcap Partners and Euro PP in €105 Million Structured Financing

Kramer Levin advised Midcap Partners as arranger and Euro PP investors within the framework of a structured financing of €105 million for the Bertrand group in order to finance the acquisition of Léon de Bruxelles, to renovate the restaurants and support the development of the chain.

Five lines of financing were structured as part of this operation:

• A depreciable bank tranche A
• A non-depreciable bank tranche B
• A tap on the existing EURO PP bond tranche 2024
• A capex bank line
• A Euro PP 2025 bond tranche with impact criteria

This last tranche, subscribed with Eiffel Investment Group, La Banque Postale Asset Management, Schelcher Prince Gestion and Cerea Partners, includes a Euro PP issue of €40 million with impact covenants linked to job creation and in particular hiring of 3,500 people with a 95 percent permanent employment rate over the duration of the financing. Compliance with the impact covenants will modulate the interest rate until the maturity of the loan.

The Kramer Levin team includes Paris partner Hubert de Vauplane and counsel Manaf Triqui.