iQera, a leading debt servicing specialist for large corporates and financial institutions in France and Italy, announced on February 7, 2023 the successful completion of its partial refinancing of its existing notes through the issuance of €500 million in principal amount of new senior secured floating rate notes due 2027, as well as the entry into a new €50 million super senior revolving credit facility.
The complex refinancing comprised several concomitant transactions: exchange offers made to certain existing bondholders of each of iQera’s three existing series of senior secured notes, a new issuance of senior secured floating rate notes, and a cash tender offer directed to certain of iQera’s existing bondholders. The proceeds from the new issuance were used to pay the consideration for the exchange offers and the tender offer, for general corporate purposes and to pay costs, fees, and expenses in connection with the refinancing.
Latham & Watkins advised iQera on all aspects of this innovative refinancing, with a Paris-based capital markets team led by partner Thomas Margenet-Baudry, with counsel Michael Ettannani, and Hamza El Mouahid and Léa Carresse. A Paris-based finance team was also involved with counsel Etienne Gentil, with Aurélien Lorenzi and Bruna Neiva Cardante.
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