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White & Case Advises Lending Banks on Fnac Darty's French State-guaranteed €500 Million Term Loan

Global law firm White & Case LLP has advised lending banks BNP Paribas, Société Générale, Natixis, Crédit Industriel et Commercial, Crédit Lyonnais, La Banque Postale, Crédit Agricole Corporate and Investment Bank, Arkéa Banque Entreprises et Institutionnels, BRED Banque Populaire on the implementation of a €500 million Term Loan facility guaranteed by the French state for Fnac Darty, a European retail leader in entertainment and leisure products, consumer electronics and household appliances.

This is the first loan of its kind granted to a large French company that the French state guarantees. Part of a Term Loan facility guaranteed by the state (Prêt Garanti par l'Etat), it has been implemented in the context of the coronavirus crisis and is intended to secure Fnac Darty's liquidity and prepare for the recovery of its activities. The loan will be guaranteed up to 70 percent by the French state and have a maturity of one year, with a five-year extension option to April 2026.

Crédit Agricole Corporate and Investment Bank coordinated the transaction.

The White & Case team in Paris which advised on the transaction was led by partner Denise Diallo with support from associates Alicia Bali, Roman Picherack, Laure Elbaze and Yasmine Sefraoui.

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