Shearman & Sterling advised Groupe Ecore in its inaugural offering of €255 million senior secured floating rate notes due 2023. The firm also advised the company in connection with a new €40 million revolving credit facility.
The offering closed on November 15, 2018. Groupe Ecore has used cash on balance sheet and intends to use the proceeds from the offering, borrowings under the new factoring facility and cash on balance sheet for (i) the payment to its shareholders as consideration for shares of Groupe Ecore Luxembourg S.A.S., (ii) repayment of the existing factoring facility, (iii) repayment of existing bank loans, (iv) cash on balance sheet and (v) payment of related fees and expenses.
Groupe Ecore is one of the leading players in France in the metal recycling market, fully integrated from the collection of waste to the sale of recycled materials. Its operational facilities cover all major industrial regions in France and the Benelux countries, providing capacity to service industrial clients in Germany, Spain, Italy and Switzerland. Groupe Ecore also trades in the international markets with supply from a number of locations around the world, including its dedicated deep-sea facilities in Montoir, Rouen, Caronte, Ghent and Rotterdam.