Latham & Watkins has advised Loxam, Europe’s market leader and the fourth-largest global player in equipment and tool leasing, in connection with its refinancing of certain of its existing high yield notes through the issuance of €400 million in principal amount of new senior secured notes due 2028.
The refinancing comprised several concomitant transactions, including exchange offers made to certain bondholders of existing high yield notes due 2025, a new issuance of senior secured notes due 2028, and the redemption in full of the existing senior secured notes due 2024. The proceeds from the new issuance were used, together with cash on hand, to pay the redemption price for Loxam’s senior secured notes due 2024 and to pay costs, fees, and expenses in connection with the refinancing.
The Latham team was led by Paris corporate partner Thomas Margenet-Baudry, with counsel Michael Ettannani, and associates Hamza El Mouahid and Léa Carresse. Advice on finance matters was provided by Paris counsel Etienne Gentil, with associate Matthieu Herviaux; and on tax matters by Paris partner Olivia Rauch-Ravisé, counsel Cécile Mariotti, and associate Camille Pons.