Shearman & Sterling advised Deutsche Bank AG, London Branch, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale, as joint bookrunners, on Loxam S.A.S.’s high yield notes offering, consisting of €700 million 3.25% senior secured notes due 2025, €450 million 3.75% senior secured notes due 2026 and €250 million 5.75% senior subordinated notes due 2027 (the "Notes"). The net proceeds of the transaction were used to finance Loxam’s acquisition of Ramirent Plc, a public company listed on the Helsinki Stock Exchange. We also advised the arrangers in relation to Loxam S.A.S.'s €1.5 billion (in aggregate) bridge facilities agreements, which were cancelled following the issuance of the Notes.
The senior secured notes will ultimately be guaranteed on a senior basis by Nationwide Platforms Limited and Loxam Module S.A.S., and secured on a first-priority basis by certain intellectual property rights and the share capital of certain of Loxam S.A.S.’s subsidiaries, including Ramirent Plc. The offering, which was conducted pursuant to Regulation S under the U.S. Securities Act, closed on July 22, 2019.
Loxam S.A.S. is the leading equipment rental company in Europe and is the fifth-largest equipment rental group in the world for the construction, industry, public works, services and events sectors.