Deals/M&A

PwC Legal advises Bayerische Landesbank on promissory note loan for Edenred

Frankfurt am Main, July 12th 2016

PwC Legal advised Bayerische Landesbank on issuing a promissory note loan of €250 million for the services company Edenred S.A. The loan was arranged by Bayerische Landesbank and Commerzbank AG. It was significantly oversubscribed.

The promissory note loans consist of five to seven year tranches (average maturity of 6.1 years) with fixed and floating interest rates. Average financing costs were 1.2%. Promissory note loans are increasingly used for company financing due to their tradability.

Edenred is a globally operating French company listed on the Euronext Paris stock exchange with 6,300 employees. The company offers prepaid corporate services such as prepaid cards and luncheon vouchers used for staff retention or as a sales tool.

Advisors for Bayerische Landesbank:

In-house:
Dr Anton Beigel, Senior Vice President, Legal Services Division, Capital Markets Department; Stephanie Rosner, Documentation & Legal Advice Investment Banking Unit

PwC Legal (Frankfurt am Main):

Dr Jörg Wulfken (team lead); Dr Danielle Schmidt (both PwC Financial Services Legal)

About PwC Legal:

In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.

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About PwC:

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

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