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14 listed bond issues by SMEs purchased by the Micado France 2018 bond fund

11/02/2013


CMS Bureau Francis Lefebvre and Fidal advise on 14 listed bond issues by SMEs purchased by the Micado France 2018 bond fund

CMS Bureau Francis Lefebvre and Fidal acted as legal advisors to CM-CIC Securities, Portzamparc Société de Bourse and Kepler Capital Markets, the lead managers, for 14 listed bond issues by SMEs, purchased by the Micado France 2018 bond fund.

The issues were carried out between September and December 2012 and totalled €60 million.

CMS Bureau Francis Lefebvre advised Portzamparc Société de Bourse on the bond issues by Manitou BF, Touax, Orapi, Delta Plus Group and Quantel, and CM-CIC Securities on the issues by Delfingen Industry and Homair Vacances.

Fidal advised Portzamparc Société de Bourse on the bond issues by Groupe Gorgé, Solucom, Business & Décision, EPC Groupe, and VM Matériaux, and Kepler Capital Markets on the Affine and Lafuma issues.

The issues were taken up in full by a dozen institutional investors through the Micado France 2018 fund (managed by Investeam and Portzamparc Gestion). Although they represent separate issues, the bonds share some characteristics: a nominal value of €100,000, a six-year maturity, fixed interest rates and listing on the NYSE Alternext stock exchange.

Each bond issue was carried out independently without several liability between the issuers, with a separate prospectus available on the issuer’s website and on the Alternext site.

In a market environment where borrowing from banks is increasingly complicated, and access to the bond market is rendered difficult for SMEs by the low sums that they can borrow individually, the Micado France 2018 fund (managed by Portzamparc Gestion and promoted by Accola Ltd) is an innovative solution to meeting these companies’ financing needs, allowing them for the first time to raise funds on the bond market to finance their business growth.

The CMS Bureau Francis Lefebvre team that advised on this transaction included Marc-Etienne Sébire, head of Capital Markets, and Valérie Charreton.

The Fidal team comprised Philippe D’hoir and Séverine Beaufre, Partners.


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Picture of Marc-Etienne Sebire
Marc-Etienne Sébire
Partner
Paris