French listed property company Société de la Tour Eiffel (STE) has signed a €210m revolving credit facility with four lenders to refinance existing debt and to expand.
BNP Paribas led the three-year RFC as mandated agent and joint arranger, alongside Crédit Agricole Ile de France, ARKEA Corporate & Institutional Banking and INVESTIMO.
The French SIIC, which specialises in investing in offices and business parks in the greater Paris area, was taken over earlier this year by France’s largest insurance company for the construction and public works sector, SMA Group. STE aims to double its €820m of assets in the next three to five years, to €1.6bn.
In July, it privately placed its first Euro PP bond of €200m, with a 3.3% coupon, to support its plans.
The company’s managing director, Philippe Lemoine, said the RFC’s margin “reflects the company’s excellent credit standing” and “met the goals we set ourselves at the beginning of the year, in particular to completely restructure the company’s indebtedness and to reduce its financial costs.”
Two years ago, the SIIC fought off an attempt to build a stake and oust the management by M1 29, a battle which led to Patron Capital withdrawing from a deal to sell its Malakoff Paris building to STE in return for shares.
Société de la Tour Eiffel was advised by the De Pardieu Brocas Maffei business law firm. The banks were advised by the Shearman & Sterling law firm.