Weil advised the banking group on the final milestone of Essendi’s (AccorInvest Group S.A.) full refinancing, comprising an offering of three tranches of new senior secured notes alongside a €550 million senior term loan and €400 million revolving credit facility under a new senior facilities agreement. The new notes consist of (i) €550 million senior secured floating rate notes due 2032, (ii) €400 million senior secured fixed rate notes due 2030 and (iii) €300 million senior secured fixed rate notes due 2032.

Weil previously advised the banks on the initial phases of Essendi’s refinancing, beginning with its inaugural issuance of €750 million 6.375% senior secured notes due 2029 in September 2024, followed by a €750 million 5.500% senior secured notes issuance due 2031 in November 2024.

BNP PARIBAS and Natixis acted as joint global coordinators and joint physical bookrunners on the floating rate notes, BNP PARIBAS and Crédit Agricole CIB acted as joint global coordinators and joint physical bookrunners on the fixed rate notes, while Commerzbank and MUFG acted as joint global coordinators. Bank of America Securities, CIC Market Solutions, ICBC (Europe) and NatWest acted as joint bookrunners and Goodbody (AIB) as co-manager.

Essendi is a leading European hotel owner and operator, active in 24 countries and managing a portfolio of 576 hotels across 13 well-known brands, including Novotel, Mercure, Pullman, Sofitel, Fairmont, MGallery and Swissôtel.

The Weil team was led by High Yield partner Gilles Teerlinck and included counsel Pierre Brule, associate David St-Onge and high yield analyst Manel Mebarkia in London, as well as Finance partner James Clarke, counsel Adrien Repiquet and associate Thomas Bouton in Paris, with U.S. tax advice from partner Greg Featherman and associate Carlos Parra.