Hogan Lovells Advises Isodev on the Negotiation of the First Guarantee for Participating Loans in France Granted by the European Investment Fund
31 May 2013
Hogan Lovells has advised Isodev, a new quasi-equity player in France, on the negotiation of a new guarantee for participating loans (prêts participatifs) in France, granted by the European Investment Fund (EIF) as a part of its Competitiveness and Innovation Programme (CIP).
For the first time in France, the EIF, a subsidiary of the European Investment Bank, has entered into a guarantee in relation to participating loans. The EIF and Isodev have finalised a guarantee agreement under the CIP of the European Union (the "Guarantee"), with its objective being the development of participating loans for SMEs in France. This Guarantee will enable Isodev to substantially increase its lending to SMEs to €140 million over the next two years. Isodev has recently launched an offer of participating loans in France in order to support the investment of smaller enterprises. The Guarantee under the CIP will enable it speed up the deployment of this innovative offer that will improve the financial structure of SMEs and ease their access to credit.
Partner Baptiste Gelpi, assisted by Marouane El Idrissi, both from the International Debt Capital Markets team of Hogan Lovells, advised Isodev in the context of the negotiation of the Guarantee.
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