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First USPP under French law for Bel

CMS Francis Lefebvre Avocats and Willkie Farr and Gallagher LLP, advisors on the deal


Bel, one of the world leaders in the branded cheese sector, has successfully issued its first US private placement (USPP) governed by French law, which was subscribed by Pricoa Private Capital, a leading U.S. institutional investor.

This $150 million private placement with a 15-year maturity was carried out on the basis of a USPP documentation in line with that used on the U.S. market, while being governed by French law.

This transaction aims to strengthen Bel's dollar debt as a result of the growth of its operations in the United States, while diversifying its sources of financing and extending their maturity.

For this transaction, CMS Francis Lefebvre Avocats advised Pricoa Private Capital. The CMS Francis Lefebvre Avocats team comprised Marc-Etienne Sébire, partner, and Myriam Issad and Pierre Maunand, associates.

Bel was advised by Willkie Farr & Gallagher LLP, with a team comprising Paul Lombard, partner, and Ghita Lorabi.

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