30 June 2008 - Gide Loyrette Nouel London & Paris advise on €700 million MTN issue for GE Capital FCC securitisation:

Gide Loyrette Nouel London and Paris offices have advised GE Capital Corporation (GECC) on its €700 million MTN issue of Guaranteed Floating Rate Notes. The notes - rated AAA/Aaa and maturing in June 2010 - were issued by GE Capital FCC (Fonds Commun de Créances), a French SPV. GECC guaranteed the notes. The Notes were listed on the Luxembourg Stock Exchange on 19 June and were fully placed prior to the listing.   
 
BNP Paribas, HSBC and Morgan Stanley were the Lead Managers.  

Gide advised on both the French and New York law aspects of the transaction. A team in Paris led by Gide’s managing partner Xavier de Kergommeaux dealt with the FCC regulatory issues. Scott Cameron, a US qualified lawyer, and his team in Gide London drafted the prospectus, advised on the guarantee and managed the listing.  

Gide is European counsel for GECC’s Euro MTN programme. In the first quarter of 2008, Gide was ranked by Thomson Reuters as the 2nd law firm in Europe for international debt transactions (based on total value and number of deals) ahead of all UK rivals. 

Xavier de Kergommeaux, Gide’s Paris-based managing partner said: “Gide’s strategy for opening a London office was simple: to bring English, US and French capital markets and finance capability into one integrated platform and provide comprehensive capital markets experience and expertise in the most widely used legal regimes. This transaction is exactly the type of work we had in mind and explains how Gide London has grown to become one of the largest specialist finance practices in the UK.”  

Scott Cameron, head of Gide London’s debt capital markets practice, added: “From drafting the prospectus and related transaction documents, to dealing with the CSSF (the Luxembourg regulators) this transaction demonstrates how effectively Gide’s London and Paris debt teams work together."