French investment manager Paref, controlled by China's Fosun, has secured a corporate loan worth €100 mln to refinance the group's debt.
The financing comprises an immediately drawn down €30 mln loan, plus a confirmed undrawn credit line of €70 mln. With a 5-year maturity, it has a margin of 145 bps over the 3-month Euribor.
'Following the release of the 2018 full-year results showing a strong growth, we are delighted to announce the signature of this refinancing which will allow Paref Group to significantly increase its investment capacity while decreasing the average cost of debt,' said Antoine Onfray, the firm's chief financial officer.
'We warmly thank our bank partners HSBC, Crédit Agricole Ile-de-France, Crédit Agricole Brie Picardie and Banque Populaire Rives de Paris, as well as the counsels (A&O and Wargny Katz for PAREF Group, Gide and 14 Pyramides notaires for the banks) for this operation and their trust in our strategy.'