Edenred in €1.2 Billion Bond Offering

Cleary Gottlieb represented Edenred in its dual-tranche offering for a total amount of €1.2 billion, consisting of €500 million bonds maturing on December 13, 2026, and €700 million bonds maturing on June 13, 2031, each tranche bearing interest at 3.625%.

The bonds are listed on the regulated market of Euronext in Paris. The net proceeds from the issue of the bonds will be used by Edenred to finance a significant part of the £1.15 billion recent acquisition of Reward Gateway, which has been fully paid in cash by Edenred, and financed by €0.3 billion available cash at hand as well as a €1 billion bridge loan, and for its general corporate purposes.

The offering launched and priced on June 6, 2023, and closed on June 13, 2023.

This offering was led by Barclays Bank Ireland PLC, BNP Paribas, Citigroup Global Markets Europe AG, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe, J.P. Morgan SE, and Société Générale, as joint lead managers.

Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting 52 million users and 2 million partner merchants in 45 countries via close to 1 million corporate clients.

Cleary had previously advised Edenred in connection with the abovementioned acquisition of Reward Gateway from funds managed by Abry Partners and Castik Capital, and the related bridge term loan facility entered into between Edenred as borrower; BNP Paribas S.A. and Société Générale as coordinators, mandated lead arrangers, and bookrunners and original lenders; and Société Générale as agent and documentation agent, which will be fully reimbursed by the €1.2 billion bond offering.