A&O Shearman advises on InVivo’s EUR2.2 billion refinancing and extension of exchangeable bonds

The new sustainability-linked facilities include a five-year term loan facility and revolving credit facility while the maturity of the exchangeable bonds (obligations remboursables en actions) was extended to six years. The proceeds of the credit facilities were used to refinance the previous acquisition credit facilities maturing in December 2026.

This transaction enables the InVivo group to extend the overall maturity of its debt, strengthen its liquidity position, and secure a robust and balanced long-term funding structure to support the continued growth of the group’s various activities.

A&O Shearman previously advised the financing providers on InVivo’s latest landmark transactions, including the 2021 acquisition of Groupe Soufflet, creating one of Europe’s largest agricultural businesses, and the takeover of United Malt Group, establishing the world’s largest maltster. The firm’s involvement in this latest refinancing underscores its deep expertise in the agribusiness industry.

Headquartered in France, InVivo is one of Europe’s leading agricultural groups, operating in more than 39 countries.

The A&O Shearman’s cross-practice team was led by partner Thomas Roy, partner Olivier Thébault and senior associate Jonas Brucker, supported by associates Baudouin Harou and Dusan Vukanovic on financing aspects as well as Bénédicte Cheyrou-Lagrèze on equity capital markets aspects.