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NGE’s secured Euro PP: CMS Bureau Francis Lefebvre advisor to NGE

02/10/2014

NGE, a major public works company in France, successfully completed its first market financing operation with a covered bond issue worth a total €70,000,000, carrying an annual rate of 4.375% and maturing on 31 July 2021.

The issue is the first private placement bond listed as a Euro PP bond with securities granted to bondholders. An intercreditor agreement was entered into between the bondholders and the group of banks providing the syndicated loan. The bonds are listed on the Euronext Paris regulated market and the issue has been fully subscribed by qualified investors, notably Novo 2 (the fund managed by Tikehau IM), Natixis Assurances, MAIF and Banque Palatine.

This issue will enable NGE to significantly extend the maturity profile of its debt and diversify the sources of financing to support the group's growth strategy.

The issue prospectus was approved by the French financial markets authority, Autorité des Marchés Financiers (AMF) on 25 July 2014, approval number 14-438, which is available on the AMF website (www.amf-france.org).

NGE was advised in this transaction by the CMS Bureau Francis Lefebvre team as follows: Marc-Etienne Sébire, partner, Rosetta Ferrère and Myriam Issad for capital markets aspects, Isabelle Prodhomme for corporate law and Benjamin Guilleminot for expertise on the financing components.

Allen & Overy advised CM CIC Securities and Société Générale. The Allen & Overy team comprised Hervé Ekué, partner, Julien Sébastien and Lorraine Miramond, providing expertise on capital markets aspects, Pascal Jouannic, counsel and Benjamin Marché for the financial aspects of the issue.


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