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New bond issue by the Pays de la Loire region

03/12/2012

CMS Bureau Francis Lefebvre and Willkie Farr & Gallagher LLP advise on new retail notes issue by the Pays de la Loire region

CMS Bureau Francis Lefebvre advised Natixis, sole book runner and structuring agent for the retail notes issue carried out in September by the Pays de la Loire region under its EMTN programme. The Pays de la Loire region was advised by Willkie Farr & Gallagher LLP.

This was the second time that local savers were asked to support businesses in the area, following the success of the Region’s inaugural retail notes issue in 2009.

The issue was structured and led by Natixis and the notes were distributed via the main French banking networks as well as online, through a dedicated website.

Demand was high for the 6-year 4% notes, which were rated AA by Standard & Poor’s and listed on NYSE Euronext Paris. In all, some 174,000 notes were placed with retail investors, for a total of €87 million, while the institutional tranche raised a further €30 million from the region’s institutions.

The CMS Bureau Francis Lefebvre team comprised Marc-Etienne Sébire, head of the Capital Markets Group, Rosetta Ferrère (for the capital markets aspects), François Tenailleau, Partner (for the public law aspects) and Jérôme Sutour, Partner (for the regulatory aspects).

The Willkie Farr & Gallagher LLP team was made up of Thierry Laloum, Partner, Iris Géniès and Emilie Patoux (for the public law aspects), Michaël Armandou and Farah El-Bsat (for the capital markets aspects).

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