Gide, counsel to Europcar Mobility Group on structuring and implementing several financing facilities, including a EUR 220 million French State-guaranteed loan
7 May 2020
Deals | France | Banque & Finance
Gide has advised Europcar Mobility Group on structuring and implementing new financing facilities in a total amount of EUR 307 million, including a EUR 220-million French State-guaranteed loan (Prêt Garanti par l’Etat Français, or PGE) aiming at securing the liquidity of the Group to face the current Covid-19 crisis and preparing for the Group's operations' restart.
Gide acted on the three following facilities:
A EUR 220 million loan, benefiting from a 90% guarantee from the French State (PGE), entered into with Bank of America Merrill Lynch International, Banque Européenne du Crédit Mutuel, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Crédit du Nord, Crédit Industriel et Commercial, Deutsche Bank Luxembourg S.A., Goldman Sachs Bank Europe SE, HSBC France, ING Bank N.V. (French branch), Natixis and Société Générale as lenders;
Eight new credit lines for the Group's Spanish subsidiaries, totalling EUR 67.25 million and benefiting from a 70% guarantee from the Spanish State; and
A EUR 20 million incremental tranche to the Group's revolving credit facility, guaranteed by Eurazeo via a risk participation agreement.
Gide's team was headed by partner Eric Cartier-Millon, working with counsel Jérémie Bismuth and associate Sarah Whitley. Partner Stéphane Hautbourg and associate Corinne Rydzynski acted on aspects of state aid, while partner Melinda Arsouze advised on aspects pertaining to capital markets.
Darrois Villey Maillot Brochier also advised Europcar Mobility Group on securities and finance law.
White & Case advised the banking syndicate. Sullivan & Cromwell advised Eurazeo.