PwC Legal advises Bayerische Landesbank on promissory note loan for Edenred

Juli 12, 2016

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:

PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (law firm PwC Legal) is represented with more than 200 lawyers at 20 locations in Germany. It provides integrated legal advice in cooperation with the business lines audit and assurance services (Assurance), tax consulting services (Tax) as well as deals and consulting (Advisory) of PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft. Sound technical know-how and practice-oriented economic understanding characterise the way we work. PwC Legal is a member of the worldwide PwC Legal network, with more than 2,500 lawyers offering their services in more than 80 countries worldwide.

About PwC:

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.