Pierre et Vacances S.A. Signs Exclusivity Agreement with Investors

Paris - Paul Hastings advised the Euro PP bondholders of Pierre & Vacances S.A. in connection with the implementation of a new financing for the Pierre et Vacances – Center Parcs Group.

Pierre et Vacances S.A, the listed holding company of the Pierre & Vacances - Center Parcs Group, entered into an exclusivity agreement on December 17, 2021 with a group of investors composed of Alcentra Limited, Fidera Limited and Atream.

The binding offer has also already received the agreement in principle of a number of Ornane holders representing to date approximately 55% of the receivables held by this category of creditors.

The completion of the transaction, which remains subject to the conclusion of the final agreements, would principally allow :

• the injection of €200m of equity, to strengthen the Group's balance sheet in view of the implementation of its the Reinvention strategic business plan;
• the important reduction of the Group’s debt, with the conversion into equity of more than €551 million of unsecured debt, enabling the Group to return to a sustainable level of debt that is equivalent to the one which prevailed before the COVID crisis;
• the implementation of a new governance structure with shareholders ready to support the General Management in the execution of its Reinvention strategic plan; and
• the outsourcing of the real estate business through the creation of a dedicated real estate company to ensure the development of new sites.

The Paul Hastings team was led by Guilhem Bremond (partner) and included associate Laura Coz as well as Olivier Vermeulen (partner), Marc Zerah (partner) and Peter Pedrazzani on the financing aspects of the transaction.

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