CDC IXIS and Credit Lyonnais have signed banks into the EURO55 million leveraged financing supporting CDC Equity Capital’s EURO100 million acquisition of Europeenne de Stationnement, France’s second largest car park operator.
The facility was structured as a hybrid deal, comprising LBO tranches, a corporate tranche and a real estate tranche. CIC, Credit Fonciere de France and CADIF have joined the deal, which was reduced from EURO71 million to EURO55 million ahead of signing.
The reduction was due to the cancellation of the real estate tranche, which was structured as a bridge to asset disposals that have since been realised.
The EURO100 million buyout from Groupe Fabricom was completed in April.