Global law firm White & Case LLP has advised Coface SA on its issue of €380 million, 4.125 percent subordinated notes due 2024.
The net proceeds of the issue of the notes will be used to optimize the capital structure of the Coface Group and reinforce its solvency margin. The notes are irrevocably and unconditionally guaranteed on a subordinated basis by Compagnie française d’assurance pour le commerce extérieur, the main operational company of the Coface Group. This is the first subordinated issue under French law with the benefit of a guarantee on a subordinated basis.
The issue attracted a diverse, international investor base and was significantly oversubscribed, with the notes due to be listed on Euronext Paris and expected to be rated by Moody's and Fitch.
The White & Case team in Paris which advised Coface was led by partners Gilles Endréo and Philippe Herbelin with support from associates Grégoire Karila, Anne-Laure Jennequin and Petya Georgieva.
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