International law firm Ashurst's high yield team in London advised the sole bookrunner on the debt high yield offering of €255 million of senior secured floating rate notes due 2023 by Groupe Ecore, one of the leading players in France in the metal recycling market.
The recently established Ashurst European high yield team was led by high yield partner Tamer Bahgat, assisted by counsel Natalia Sokolova, senior associate Michael Lee and associate Elizabeth Friedman. Partner Paul Stewart, senior associate Giorgia Sosio de Rosa and associate Karen Chen assisted with advice on the super senior revolving credit facility. The team was closely involved in the structuring of the transaction, which contained a number of innovative and bespoke elements.
The Ashurst Paris team was led by partner Pierre Roux, senior associate Thomas Ehrecke, and associate Camille Louis-Joseph on the financing aspects, by partner Anne Reffay, and associate Louis Rainguenet, on corporate aspects, as well as by partner Emmanuelle Pontnau-Faure, and associate Solène Guyon, on tax related matters.
Commenting Tamer Bahgat said:
"We were very pleased to support the sole bookrunner and Groupe Ecore in the successful completion of this transaction. Traditionally, bank loans have been the primary source of financing for participants in the ferrous recycling sector. But recently European recycling corporates have begun to diversify their financing sources towards other products, such as high yield bonds, and we look forward to working with more issuers and banks in this segment of the high yield bond market."
