CMS Bureau Francis Lefebvre and Spitz & Poulle act as advisors on the Dordogne département’s inaugural bond issue

CMS Bureau Francis Lefebvre acted as legal advisor to HSBC France, lead manager for the Dordogne département’s €18 million inaugural bond issue. The 11-year bonds pay interest at 3.75 % and are listed on NYSE Euronext Paris.

Spitz & Poulle acted as advisor to the Dordogne département.

Since the start of the financial crisis, the Dordogne département, like many French regional and municipal authorities, has looked to diversify its sources of capital at the lowest possible cost. Tapping the bond market represents a competitive alternative for raising funds.

The amount of capital raised surpassed the département’s objectives and the interest rate was lower than expected. The AA- outlook stable credit rating awarded to the département by Standard & Poor’s reflects the success of this inaugural issue.

With high quality investor demand standing at around €30 million and despite extreme market volatility, the issue amount was raised from €15 million to €18 million, corresponding to the département’s maximum financing needs.

The CMS Bureau Francis Lefebvre team included Marc-Etienne Sébire, Capital Markets Manager, Rosetta Ferrère (for the capital markets aspects), François Tenailleau, Partner and Kawthar Ben Khelil (for the public law aspects).

The Spitz & Poulle team comprised Nicolas Spitz, Partner and Jean-Baptiste Poulle, Partner.

• Nicolas Merigeau, NewCap
  nmerigeau@newcap.fr
  +33 1 44 71 94 98
  
• Florence Jouffroy / Laetitia Mostowski,
  CMS Bureau Francis Lefebvre
  Florence Jouffroy, Laetitia Mostowski
  +33 1 47 38 40 32 / 40 74