Working with WestLB, BNP Paribas has successfully closed the  €297 mln Secured Credit Facilities (the “Facility”) for Groupe Hersant Media (“GHM”). The Facility was arranged to support the acquisition of regional newspapers in the South-East of France purchased from Groupe Lagardère for €160 mln, La Provence, Nice Matin, Corse Matin and Var Matin.  In addition, the Facility refinances GHM’s existing debt and will be used to fund capital expenditure as well as general corporate purposes. The Facility includes long term amortising and bullet tranches (6 years and a half tenor) as well as a 364 days bridge facility with a 364 days extension option. Of the €297 mln total Facility, €280 mln was syndicated with the balance of €17 mln provided by BNP Paribas and WestLB as a short-term bridging loan. The Facility was arranged and fully underwritten by BNPP and WestLB, acting as joint MLAs, and joint Bookrunners.  Natixis joined as a sub-underwriter and Senior MLA and LCL joined as an Arranger before general syndication. The Facility was oversubscribed, but not increased. 12 banks joined in general syndication.

The acquisition represents a key milestone for GHM, whose strategy is to consolidate and further strengthen its position as a leading player in the French regional media. Following the acquisition, GHM will rank 2nd in the French regional press sector and will enjoy a stronger position within the industry.  GHM is already the leader in the free classified ads paper market in France through Paru Vendu. CIB teams acting were EMEA Loan Syndications & Trading and Media Telecom Finance Europe.