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Hogan Lovells Advises Isodev on Transformation of its Refinancing Vehicle

23 September 2014

Paris, 23 September 2014 - Hogan Lovells has advised Isodev on the transformation of its refinancing vehicle. Taking advantage of recent legislation for the creation of real economy lending funds (fonds de prêt à l'économie), Isodev has created a new vehicle, structured by Natixis, with initial assets of 50 million euros, which may be increased to 300 million euros by the end of 2016. The funds raised are aimed exclusively at financing very small companies and SMEs, in partnership with all major French banking networks.

Since the activity was launched in October 2012, Isodev:
- has financed almost 1300 very small companies and SMEs for a total of 62 million euros;
- has raised more than 100 million euros (57.5 million in 2012 and 2013, and 43 million en 2014) in investment from major insurance groups.

This new vehicle has been structured in such a way as to qualify as a real economy lending fund (fonds de prêt à l'économie) and to allow for the entry of new investors during the revolving period.

Baptiste Gelpi, partner, assisted by Marouane El Idrissi and the International Capital Markets (Debt) team of Hogan Lovells have advised Isodev in the context of the transformation of its refinancing vehicle.

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