Firm Advises on First High Yield Green Bond Offering in France

Paprec Group is the first sub-investment grade French company to issue a Green Bond.

March 31, 2015

Paprec Group, the leading independent recycling company, has announced the issue of a four times oversubscribed €480 million Green Bond. Paprec Group is the first sub-investment grade French company to issue a Green Bond. 

The Green Bond was launched through a New York law governed issuance and a 144A/Reg S placement. The €480 million Green Bond included €295 million of senior secured notes due 2022 and €185 million of senior subordinated notes due 2023. Paprec will use the proceeds from the offering to refinance certain existing indebtedness incurred in connection with the development of recycling projects. In addition to the bond offering, a €100 million super senior revolving credit facility was signed with a syndicate of banks. 

Latham & Watkins advised the underwriters -- Credit Suisse, BNP Paribas, Crédit Agricole CIB, Natixis, Société Générale, Arkea Banque Entreprises et Institutionnels and CM-CIC -- as well as the revolving credit facility lenders, with a Paris-based team led by partner Thomas Margenet-Baudry, with associates Roberto Reyes Gaskin and Jemma McPherson. Advice was also provided by partner Xavier Farde and associates Carla-Sophie Imperadeiro and Guénaëlle Taroni on finance matters and partner Xavier Renard, counsel Jérôme Commerçon and associate Yann Auregan on tax.

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