Global law firm White & Case LLP has advised Kaufman & Broad on its inaugural €150 million 'Euro PP' bond issuance.
The bond issuance comprises two tranches; €50 million at seven years with bonds maturing in May 2024, and €100 million at eight years with bonds maturing in May 2025. It is the most significant Euro PP bond issuance in 2017 to date.
Crédit Agricole Corporate and Investment Bank acted as placement agent for this transaction. The bonds have been placed to European institutional investors and will be admitted to trading on the Open Market (Marché Libre) of Euronext Paris.
The bond issuance will refinance the existing bank debt up to €100 million and provide the group with new financial resources to support its growth. The transaction will also enable the group to diversify its sources of financing and substantially extend the average maturity of its debt.
Kaufman & Broad is one of the leading real estate development and construction companies headquartered in France and generated revenues of €1.2 billion in 2016.
The White & Case team in Paris which advised on the transaction was led by partner Thomas Le Vert with support from associates Boris Kreiss and Adélaïde de Guitaut.
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