Shearman & Sterling advised Ares Management Limited as arranger, and funds managed by Ares Management Limited and Avenue Capital Group as subscribers, on the unirate bond financing of the acquisition by Greenbriar Equity Group of World Freight Company International SAS, holding company of group WFCI, a European leader in the General Sales and Service Agent (GSSA) business in connection with the marketing of cargo freight capacity of international airline companies.
This “unirate” private bond financing comprises a Euro-denominated acquisition and refinancing tranche and capex/acquisitions tranches denominated in Euro, GBP and USD and also includes additional uncommitted tranches denominated in Euro, GBP and USD. The total amount of the envisaged financings reaches 147 million Euros. Structured as foreign issues, the various bond tranches allow for the grouping of all bondholders into a single contractual pool in order to address transversal issues as a single voting group.
The Shearman & Sterling team was led by partner Arnaud Fromion (Paris-Finance), assisted by counsel Frédéric Guilloux (Paris-Finance) and associates Nathalie Barzilai and Laurent Bonnet (both Paris-Finance).