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LBO France-backed Labeyrie issues EUR275m of senior secured notes

Fine foods company Labeyrie, backed by LBO France, has issued EUR275m of senior secured notes due 2021, priced at par with a 5.625 per cent coupon.

The proceeds, combined with cash on hand, will be used to repay in full the company’s financing arrangements – EUR160.6m of term loans, EUR35.2m of senior mezzanine bonds and EUR28.5m of junior mezzanine bonds.
They will also be used to repay subordinated shareholder convertible bonds (EUR52.1m and EUR7.4m, leaving roughly EUR21m outstanding), and to redeem senior mezzanine warrants (EUR1.1m).
The firm will also enter into a EUR80m three-year factoring facility agreement and a EUR35m 6.5-year revolving credit facility.
As a result of this refinancing, Labeyrie has moved to an all-bond debt structure.
This offer, which closed on 5 March 2014, was more than 15 times oversubscribed.
CM-CIC Securites acted as co-manager while BNP Paribas and Natixis are joint bookrunners on the deal.
LBO France acquired a 33 per cent stake in the company in 2012.

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