9 April 2014
- Frédérick Lacroix, Gilles Podeur, Sue Palmer, Julien Rocherieux, Karen Bortolotti, Maroussia Cuny, François Bonteil, Adeline Lefaucheur, Eric Davoudet, Marc Mehlen, Stefanie Ferring, Jonathan Lewis
Clifford Chance advises Bank of America Merrill Lynch in the refinancing of Coeur Defense, the largest property development in Europe, allowing its acquisition by Lone Star
After five years of controversy and legal debates the Commercial Court of Paris confirmed on 7 April the end of the safeguard procedure of HoLD, which is the owner of Coeur Defense property development.
Clifford Chance advised Bank of America Merrill Lynch on the EUR935 million refinancing structure of Coeur Defense, for Lone Star, thereby permitting the end of the safeguard procedure of Coeur Defense.
"For the purpose of this unique transaction, we have had to tailor a financing solution based upon a senior loan and a mezzanine debt fund connected by an innovative 'stretched' type inter-creditor agreement. Furthermore, the lenders are secured by a 'double luxco' mechanism combined with a golden share" explains Frédérick Lacroix from Clifford Chance.
The Clifford Chance team advising Bank of America Merrill Lynch was led, in Paris, by Frédérick Lacroix (partner) concerning the safeguarding, financial and corporate aspects, supported by counsel Gilles Podeur, Sue Palmer, Julien Rocherieux and Karen Bortolotti, and by lawyers Bruno Vannini, Cyrille Rumen, Maroussia Cuny and Audrey Manera. He was also assisted by François Bonteil (partner) and Adeline de Ménonville for the real estate aspects, and Eric Davoudet (partner) and Katia Gruzdova for the tax aspects. In Luxembourg, the team was composed of Marc Mehlen (partner), Stefanie Ferring (counsel) and Nicolas Widung on finance issues and by François-Xavier Dujardin (partner) for the tax aspects. Furthermore, Clifford Chance advised HSBC as swap counterparty with Jonathan Lewis (partner) and Robert Gallagher.