Weil has played a significant role in advising the banking group on Essendi’s comprehensive refinancing, which totals €2.2 billion. This refinancing effort includes three tranches of new senior secured notes, a €550 million senior term loan, and a €400 million revolving credit facility under a newly established senior facilities agreement. The new notes are divided into €550 million senior secured floating rate notes due 2032, €400 million senior secured fixed rate notes due 2030, and €300 million senior secured fixed rate notes due 2032.
Previously, Weil provided counsel to the banks during the initial stages of Essendi’s refinancing. This began with an inaugural issuance of €750 million 6.375% senior secured notes due 2029 in September 2024, followed by another issuance of €750 million 5.500% senior secured notes due 2031 in November 2024.
BNP PARIBAS and Natixis took on roles as joint global coordinators and joint physical bookrunners for the floating rate notes. BNP PARIBAS and Crédit Agricole CIB served as joint global coordinators and joint physical bookrunners for the fixed rate notes. Commerzbank and MUFG also acted as joint global coordinators. Additionally, Bank of America Securities, CIC Market Solutions, ICBC (Europe), and NatWest participated as joint bookrunners with Goodbody (AIB) serving as co-manager.
Essendi is recognized as a prominent European hotel owner and operator with operations spanning across 24 countries. It manages a portfolio comprising 576 hotels under various renowned brands such as Novotel, Mercure, Pullman, Sofitel, Fairmont, MGallery, and Swissôtel.
The Weil team was led by High Yield partner Gilles Teerlinck along with counsel Pierre Brule, associate David St-Onge, and high yield analyst Manel Mebarkia based in London. In Paris, Finance partner James Clarke led with counsel Adrien Repiquet and associate Thomas Bouton providing support. U.S. tax advice was offered by partner Greg Featherman and associate Carlos Parra.
