A&O Shearman advised banks on Clariane’s EUR2.26 billion financing package

The transactions included:

• Clariane’s inaugural high yield notes offering: a EUR730 million offering of 6.875% senior notes due 2031, comprising a EUR500m initial tranche and a subsequent EUR230m tap issuance
• a EUR333m offering of 7.875% undated deeply subordinated (hybrid) notes
• a EUR500m offering of 6.875% senior notes due 2032, issued alongside a new EUR700m (EUR900m including the accordion option) revolving credit facility.

The inaugural high yield notes offering and subsequent transactions mark an important step in Clariane’s financing strategy, supporting the diversification of its funding sources and the proactive extension of its debt maturity profile. Notably, the deeply subordinated notes qualify as equity instruments under IFRS, reinforcing Clariane’s capital structure and providing the company with additional financial flexibility.

BNP PARIBAS, Crédit Agricole Corporate and Investment Bank, and Societe Generale acted as lead initial purchasers on the notes offerings. BNP PARIBAS, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Île-de-France, Crédit Agricole Corporate and Investment Bank, CIC Corporate & Institutional Banking, La Banque Postale, Natixis and Societe Generale acted as mandated lead arrangers and bookrunners for the new revolving credit facility.

Clariane is a European pioneer in care and support for vulnerable people, with activities spanning long-term care, healthcare services, healthy aging and dependency prevention. Operating across five European regions, the group serves residents and patients through a network of more than 1,200 facilities, making it one of Europe’s largest integrated care platforms. Founded in France more than 20 years ago, Clariane combines medical expertise, local service delivery and multidisciplinary care teams to provide high-quality care tailored to regional needs.

The A&O Shearman team was led by Paris-based high yield partner Pierre Brulé, corporate and securities law partners Olivier Thébault and Quentin Herry, and banking and finance partner Michel Houdayer, together with senior associates David St-Onge, Yasmine Sefraoui and Jonas Brucker and associates Bénédicte Cheyrou-Lagrèze, Baudouin Harou, Bianca Nitu and Georges Haddad.