Hogan Lovells Advises on EUR80 million Siblu Refinancing as Credit Funds Come to the Fore

LONDON, 12 March 2013 - Hogan Lovells advised a syndicate of five lenders on the EUR80 million refinancing of French holiday park operator Siblu, owned by private equity firm Bridgepoint Development Capital.

The deal has been heralded as demonstrating the growing importance of alternative credit providers to the European leveraged finance mid-market. In addition to advising Barclays and Société Générale, Hogan Lovells also advised credit funds Haymarket Financial, Babson and French fund, Tikehau, with the credit funds forming the largest part of the lending group.

The Hogan Lovells team was led by banking partner Stuart Brinkworth, assisted by of Counsel Jo Robinson and associate Francis Booth. The team also included Paris banking partner Michel Quéré.

Commenting on the transaction Stuart Brinkworth said:

"There is no doubt that credit funds now form an integral part of the European leveraged finance market, whether providing finance solely themselves or alongside traditional banks. This transaction is a great example of how deals can be structured to be attractive both to traditional and alternative lenders and we see this type of approach becoming increasingly common in mid-market leveraged finance across Europe."

Hogan Lovells has been at the forefront of the use of unitranche and other alternative debt products in the European market for a number of years.

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