Pierre & Vacances issued €115 million of bonds convertible into and/or exchangeable for new or existing shares (OCEANE) due October 1, 2015, through a private placement within and outside of France followed by a public offering in France.

Pierre & Vacances – Center Parcs Group, the European leader in holiday resorts, operates and markets holiday resorts and residences and also develops properties.

Crédit Agricole Corporate & Investment Bank and Société Générale Corporate & Investment Banking acted as joint lead managers and joint bookrunners of the offering, and HSBC and Lazard-Natixis acted as co-lead managers.

Shearman & Sterling acted as deal counsel in connection with this transaction, with a team led by partners Cyrille Niedzielski and Sami Toutounji and counsel Aline Cardin, assisted by associates Isabelle Le Personnic, Nicolas de Courtivron (Capital Markets) and Stéphanie Gicquel-Gimenez (Tax).