Kramer Levin Advises Daher in Relation With Refinancing of Syndicated Loan and Set Up of First Private Bond Placement

Kramer Levin client Daher announced the refinancing of its €120M syndicated loan which was due to expire in June 2016. The new facility will provide €150M, comprising of a term loan (€60M) with a final maturity of five years, a five-year revolving credit facility (€90M), with two one-year extension options.

Simultaneously, Daher set up its first disintermediated financing in the form a seven-year euro private bond placement for a total amount of €30M. This transaction, which is due to expire on July 8, 2021, was set up as a non-listed bond issue subscribed by the Novo fund, one of the first funds providing direct lending to SMEs managed by the major French institutional investors (insurers, pension and benefits funds). It was arranged by Tikehau IM, manager of the Novo2 fund.

This double-sided transaction extends the average maturity of the debt from 2.5 years to over five years, with a constant average interest rate. Daher thus initiates the diversification of its financing sources and of its lenders base.

The Kramer Levin team that advised Daher included partner Hubert de Vauplane and associate Ramona Tudorancea.