€180 million new bond issue by the Paragon group and related debt push-down of existing bonds

In July and December 2021, the Paragon group successfully issued bonds in an aggregate amount of €180 million in two tranches on the Euro PP market. The bonds were issued by PCC Global Plc, an English subsidiary of the Paragon group, and will mature on 30 July 2028. The bonds are governed by French law and notably benefit from a guarantee governed by English law granted by Paragon Group Ltd. They are listed on the Euro MTF market of the Luxembourg Stock Exchange.

Prior to the new issue, the holders of the existing bonds issued by Grenadier Holdings Plc, another English subsidiary of the Paragon group, for €52million in 2016 and €89 million in 2018, approved a substitution of issuer and the transfer of all rights and obligations of the existing issuer to PCC Global Plc by way of a debt push-down.

The Paragon Group is a leading player in the field of Customer Communications, Identification & Traceability. With more than 120 years of history, Paragon Group has a presence in over 20 countries and more than 9,000 employees providing services around the world.

The transactions were arranged by Crédit Agricole CIB. CMS acted as French law and English law legal advisors in relation to the new bond issue and the debt push-down.

For these transactions, the CMS team, led by Marc-Etienne Sébire, Partner and Head of Capital Markets at CMS France, comprised:

• France: Marc-Etienne Sébire, Partner and Myriam Issad and Florie Poisson, Associates; and
• UK: Michael Cavers, Partner and Kirsty Templar, Associate.