Debevoise Advised Mobilux in €250 Million Senior Secured Notes Offering and Concurrent Upsize of a Revolving Credit Facility

17 June 2024

Debevoise & Plimpton LLP has advised Mobilux 2 SAS (“BUT”) and Mobilux Confo SAS (“Conforama”) and their respective consolidated subsidiaries (collectively, “Mobilux”) on the offering of €250 million aggregate principal amount of 7.00% senior secured notes due 2030 and the concurrent upsize of a revolving credit facility from €139.5 million to €210.0 million.

The proceeds of the notes offering will be used to repay in full Conforama’s state-guaranteed loans issued in connection with the COVID-19 crisis and accrued and unpaid interest related thereto, to fund the repurchase of certain shares in Mobilux’s parent holding company from minority shareholders, and to pay associated fees and expenses. The new notes are listed on the Luxembourg Stock Exchange.

The financing transactions were completed in connection with Mobilux’s corporate restructuring, which brought together the financing perimeter of the BUT and Conforama entities, enabling certain Conforama entities to provide guarantees of the new notes, the revolving credit facility and certain other existing indebtedness of Mobilux.

Mobilux is a leading French home equipment retail group operating the BUT and Conforama companies, with a network of 496 stores in France and an estimated market share of approximately 20% of the French furniture market.

The Debevoise team was led by partners Raman Bet-Mansour, Pierre Maugüé and Nick Pellicani, and included international counsel Dmitry Karamyslov and Philippe Tengelmann, and associates Tereza Batlova, Fanny Gauthier, Lannette Hughes, Lee Lancaster, Rosanne Lariven, Aleksei Shapovalov, Zack Sosah, Keith Stackhouse and Nick Vota. Tax advice was provided by partners Cécile Beurrier and Matt Saronson, and associate Weichi Liu.