Pierre Brule
Pierre is widely recognized for his deep expertise in high yield bonds, acquisition financing, restructurings and liability management transactions.
Pierre advises issuers, underwriters, and investors on international capital markets transactions and cross-border leveraged financings.

Expertise

Experience

Representative matters

  • The finance parties in connection with Mehiläinen’s (majority owned by CVC and Hellman & Friedman) offering of €350 million aggregate principal amount of senior secured floating rate notes due 2032 with a coupon of three-month EURIBOR (subject to a zero floor), plus 3.375% and €740 million aggregate principal amount of its 5.125% senior secured fixed rate notes due 2032, repricing of its existing €1.86 billion term facilities and upsizing of its existing revolving credit facility by €150 million.
  • The banks on Essendi’s (AccorInvest Group S.A.) full refinancing, comprising an offering of three tranches of new senior secured notes alongside a €550 million senior term loan and €400 million revolving credit facility under a new senior facilities agreement.
  • BNP PARIBAS and Crédit Agricole Corporate and Investment Bank, as joint global coordinators and joint physical bookrunners, Natixis and Société Générale, as joint global coordinators and BBVA, Belfius, BRED Banque Populaire, CaixaBank, CIC Market Solutions and La Banque Postale, as joint bookrunners, in connection with the issuance of €300 million 4.750% senior notes due 2032 by Fnac Darty S.A.*
  • BNP PARIBAS, as Global Coordinator and Sole Bookrunner, and Natixis, as Joint Lead Manager, in connection with the offering of €400 million 4.500% senior notes due 2030 by Séché Environnement S.A.*
  • BNP PARIBAS as sole bookrunner in connection with Loxam S.A.S.’ (Loxam) offering of €500 million 4.250% senior secured notes due 2030.*
  • The initial purchasers, lead by BNP PARIBAS and Crédit Agricole Corporate and Investment Bank as joint global coordinators, in connection with Elior Group S.A.’s offering of €500 million senior secured notes due 2030 and concurrent cash tender offer to holders of its existing senior notes due 2026.*
  • BNP PARIBAS as sole physical bookrunner, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale as joint global coordinators and joint bookrunners, Commerzbank Aktiengesellschaft and MUFG Securities (Europe) N.V. as joint bookrunners and Bank of China (Europe) S.A., Crédit Industriel et Commercial S.A and NatWest Markets N.V. as co-managers in connection with AccorInvest Group S.A.’s offering of €650 million 5.500% senior secured notes due 2031.*
  • BNP PARIBAS as sole physical bookrunner, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale as joint global coordinators and joint bookrunners, Commerzbank Aktiengesellschaft and MUFG Securities (Europe) N.V. as joint bookrunners and Bank of China (Europe) S.A., Crédit Industriel et Commercial S.A and NatWest Markets N.V. as co-managers in connection with AccorInvest Group S.A.’s inaugural offering of €750 million 6.375% senior secured notes due 2029.*
  • Ad hoc creditors’ committee of Zambia’s Eurobond holders in relation to Zambia’s sovereign restructuring.
  • Ad hoc creditors’ committee of Ukraine’s Eurobond holders in relation to Ukraine’s sovereign restructuring.
  • Paprec, a leading French industrial and household waste management and recycling specialist, in connection with the privately placed tap offering of €200 million senior secured notes due 2029.
  • BNP PARIBAS and Goldman Sachs Bank Europe SE, as joint global coordinators and joint bookrunners, and BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Citigroup Global Markets Europe AG, J.P. Morgan SE and Morgan Stanley Europe SE, as joint bookrunners in connection with Bertrand Franchise Finance’s offering of €850 million floating rate senior secured notes due 2030 and €300 million 6.500% senior secured notes due 2030.
  • BNP PARIBAS, Crédit Agricole Corporate and Investment Bank and Société Générale, as global coordinators and joint bookrunners, and Goldman Sachs Bank Europe SE, Helaba and IMI - Intesa Sanpaolo, as joint bookrunners in connection with Eutelsat S.A.’s debut offering of €600 million 9.750% senior notes due 2029 and a concurrent cash tender offer to holders of its existing 2.000% senior notes due 2025.
  • Casino Guichard Perrachon on its financial restructuring and acquisition by a consortium of investors composed of EP Equity Investment (controlled by Daniel Křetínský), Fimalac and Attestor.
  • an ad hoc group of holders on its €625 million 4.000% senior unsecured notes due 2024, €350 million 5.125% senior unsecured notes due 2025 and £225 million 6.625% senior unsecured notes due 2025 issued by La Financière Atalian, a French facilities management company, in relation to a refinancing transaction implemented by way of an exchange offer.
  • BNP PARIBAS and Crédit Agricole Corporate and Investment Bank, as joint global coordinators and joint physical bookrunners, Natixis and Société Générale, as joint global coordinators and BBVA, Belfius, CaixaBank, CIC Market Solutions and La Banque Postale as joint bookrunners in connection with the issuance by Fnac Darty S.A. of €550 million 6.000% senior notes due 2029. The refinancing comprised this new issuance of senior notes and a concurrent cash tender offer to holders of the existing 1.875% senior notes due 2024 and 2.625% senior notes due 2026.*
  • Ceva Santé Animale on a €2.3 billion equivalent dual-tranche TLB, used to refinance the Group’s existing senior facilities and to finance a distribution.
  • Paprec, a leading French industrial and household waste management and recycling specialist, in connection with the refinancing of its existing notes through the issuance of €300 million in principal amount of new senior secured notes due 2027 and €300 million in principal amount of new senior secured notes due 2029.
  • The investors on a Rule 144A/Regulation S privately placed tap offering by Burger King France SAS of €45 million senior secured floating rate notes due 2026.
  • J.P. Morgan, BNP PARIBAS, KKR Capital Markets, Natixis and Société Générale, as initial purchasers, in connection with the partial refinancing by iQera, a leading debt servicing specialist for large corporates and financial institutions in France and Italy, of its existing notes through the issuance of €500 million in principal amount of new senior secured floating rate notes due 2027, as well as the entry into a new €50 million super senior revolving credit facility. The complex refinancing comprised several concurrent transactions: exchange offers made to certain existing bondholders of each of iQera’s three existing series of senior secured notes, a new issuance of senior secured floating rate notes, and a cash tender offer to certain of iQera’s existing bondholders. The proceeds from the new issuance were used to pay the consideration for the exchange offers and the tender offer, for general corporate purposes and to pay costs, fees, and expenses in connection with the refinancing.*
  • J.P. Morgan SE, Nordea Bank Abp, Deutsche Bank Aktiengesellschaft, DNB Markets, a division of DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ), as initial purchasers, in connection with the Rule 144A/Regulation S offering by Ren10 Holding AB, a subsidiary of funds advised by IK Partners, of €350 million senior secured floating rate notes due 2027 as part of the financing for the acquisition of, and refinancing of outstanding indebtedness of Renta Group Oy, a full-service machine and equipment rental services company with operations in Finland, Sweden, Norway, Denmark and Poland.*
  • BNP PARIBAS, J.P. Morgan, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Crédit Suisse Bank (Europe), S.A., Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE, as initial purchasers, in connection with the Rule 144A/Regulation S offering by Burger King France S.A.S. of €620 million senior secured notes due 2026 and by Midco GB S.A.S. of €235 million pay-if-you-can PIK notes due 2027 as part of the refinancing of outstanding indebtedness of Burger King France S.A.S., Midco GB S.A.S. and NewCo GB S.A.S., the direct parent of Burger King France S.A.S*
  • Séché Environnement S.A. as Issuer on its debut high yield bond offering of €300 million 2.250% Sustainability-Linked Senior Notes due 2028. BNP PARIBAS acted as the Sole Bookrunner and Sustainability-Linked Bond Structuring Advisor, and Crédit Agricole CIB and Natixis acted as Joint Lead Managers on this offering.*
  • J.P. Morgan, BNP PARIBAS and Bank Pekao S.A. as Global Coordinators and Joint Physical Bookrunners and Barclays, Citigroup, Goldman Sachs Bank Europe SE and ING as Joint Bookrunners on the debut high yield bond offering by InPost S.A.. The offering was for €490 million senior notes due 2027 and the proceeds will be used to consummate the previously announced acquisition of Mondial Relay SAS, and for general corporate purposes.*
  • French eyewear and hearing aid specialist Afflelou and its sponsors in connection with a series of high-yield offerings.
  • J.P. Morgan and others as initial purchasers in connection with the inaugural high yield offering and subsequent add-on issuance of high yield bonds by Rubis Terminal Infra.*
  • Groupe Casino, a leading retailer in France and Latin America, in connection with its high yield refinancings.
  • Loxam, the leading European equipment rental group, in connection with its €500 million high yield refinancing and its €1.4 billion financing for the acquisition of Ramirent.
  • Eutelsat S.A. in connection with several bond offerings.

*Previous firm experience


Qualifications

Admissions

Admitted to the New York State Bar, 2017

Academic

LL.M in Corporate Law, Columbia Law School, 2017

M.Sc in Law and Politics of Regulation, London School of Economics, 2015

Master 2 in Law and Finance, Paris-Dauphine University, 2014

Master 1 in Corporate Law, University of Hong Kong, 2013

Languages

English, French
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.