King & Wood Mallesons SJ Berwin advised the Alain Afflelou Group on the refinancing of its existing debt package. The refinancing was implemented by high yield bonds (€440 million) comprising €365 million 5.625% of senior secured bonds and €75 million 7.875% senior bonds. The refinancing also includes a super senior revolver credit of €30 million.

The French optician chain Alain Afflelou is owned by Lion Capital (approximately 70%), Apax Partners (approximately 14%), Mssr. Alain Afflelou (approximately 14%), with the remaining shares belonging to the management. With a network of 1,164 stores, including 1,000 franchises, the group reported revenues of €331 million (for a total network turnover of €650 million) in 2013.

The Alain Afflelou Group was advised by the Parisian team of King & Wood Mallesons SJ Berwin with assistance from the offices of London, Madrid and Luxembourg, as well as from the London office of law firm Cravath, Swaine & Moore LLP.

The full King & Wood Mallesons SJ Berwin team comprised:

Paris

Olivier Vermeulen (partner), Marc Zerah (senior associate) and Margaux Baratte (associate) on Finance aspects

Thomas Maitrejean (partner), Augustin Fleytoux (senior associate) and Edouard Baladès (associate) on Corporate aspects

Fanny Combourieu (partner), Gwenaël Kropfinger (senior associate) and Etienne Bimbeau (associate) on Tax aspects

London

Ian Borman (partner) and Fabian Bonavia (associate)

Luxembourg

Alexandrine Armstrong-Cerfontaine (partner) and Bertrand Geradin (counsel)

Madrid

Joaquín Sales (partner), Borja Oxangoiti and Germán Cabrera (associates)

The Cravath, Swaine & Moore LLP team in London was composed of Alyssa Caples (partner), Coralie Chaufour and Gemma Mootoo Rajah (associates).