London—Dentons has advised longstanding client Faurecia, one of the world's largest automotive equipment suppliers, on two significant new refinancing transactions. 

The first transaction saw Faurecia issue €250 million Senior Notes due 2026 to fund the acquisition of 50% of the shares of SAS Autosystemtechnik, a joint venture in which Faurecia had an existing 50% stake. SAS assembles car cockpits, integrating electronics and circuitry into instrument panels and centre consoles. 

Within a few weeks of the initial issue, Faurecia launched a combination of an issue of €700 million Senior Notes due 2027 and an intermediated tender offer to repurchase €700 million 2023 Notes which had previously been issued by the company. The combination of the new issue and the repurchase extended Faurecia's debt maturity profile and strengthened the company's balance sheet. 

Both series of new Notes are listed on Euronext Dublin. The Joint Global Coordinators were BNP Paribas, Natixis and Société Générale who led a syndicate of seven other banks. Dentons assigned capital markets teams in London and Paris to deliver the deal, led by Capital Markets partner David Cohen, senior associate Nicholas Yao, associate Niharika Khimji and trainee Angela Cheng in London and Finance partner Philippe Max and associates Clement Gerthoffert and Steeve Jaskierowicz in Paris. 

Faurecia is one of the world's ten largest automotive equipment suppliers by revenue, with over 100,000 employees and operations across Europe, Asia and North America. It is estimated that at least one third of vehicles in service in the world were originally equipped with at least one product manufactured by the company. 

David Cohen said, "This was a fantastic transaction to be able to deliver with the Faurecia team. Faurecia is an impressive and ambitious company and we have a long history of supporting their growth plans. We were able to provide English and French law debt capital markets teams and execute two complex transactions in a very tight timetable.

Philippe Max added, "We have been representing Faurecia on most of its financings since 2006 and we are proud of such a long term relationship. This deal is further proof of the quality of our relationship."

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