Lacroix Sets Up a Syndicated Loan of €77.6 Million
Lacroix announces the establishment of an inaugural syndicated loan aimed at refinancing part of its existing debt and funding its investments. This financing, concluded with a consortium of seven banks, simplifies and strengthens the financial structure of the group.
Financing Structure and Extended Maturity
The syndicated loan consists of a partial refinancing of the existing debt amounting to €44.6 million with an extended maturity of 7 years, a confirmed line of credit of €30 million dedicated to investment financing (capex and minority buyouts), and a revolving credit of €3 million with a maturity of 4 years. With this setup, Lacroix extends the maturity of its medium-long term debt to over 4.5 years and establishes a legal framework that provides flexibility and responsiveness for its future needs.
Financial Conditions and Frameworks
The financing includes an initial competitive spread, adjustable based on the net leverage ratio. A financial covenant governs the net leverage ratio at a maximum of 3.0, while a dividend framework does not challenge the group's historical practices. The credit was concluded with a banking pool consisting of seven institutions: LCL handling the coordination and financing agency, alongside Banque Populaire Grand Ouest, Arkéa Banque Entreprises et Institutionnels, Banque CIC Ouest, BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel d'Île-et-Vilaine, and Société Générale.
