OL Groupe announces completion of the refinancing of its debt for a total of €385m and the first securitisation for a French football club

Lyon, 7 December 2023

Further to the Group's announcement on 8 November, OL Groupe is pleased to announce the completion of the refinancing of the majority of its debt and that of its subsidiary Olympique Lyonnais SASU for a total amount of €385 million.

The implementation of this global refinancing has already enabled OL Groupe and its subsidiary Olympique Lyonnais SASU to repay the outstanding long-term stadium debt, its RCF line (Revolving Credit Facility) and the PGE loans contracted during the COVID period. Other long-term subordinated debt will be also repaid in the next few days.

This global refinancing is based on two separate new financings for Olympique Lyonnais SASU:

- a financing package for a total principal amount of €320 million, amortising over twenty years, structured around a dedicated French securitisation vehicle. The securities issued, which are backed by commercial receivables mainly generated by the Groupama Stadium business, were subscribed by leading institutional investors, mainly located in the United States.

The Group is delighted to have completed the first securitisation of trade receivables for a French football club, a sophisticated and innovative financing structure in a high-level sporting environment. KBRA Europe and DBRS Morningstar respectively awarded the Club a definitive financial rating of BBB+ and BBB, enabling it to obtain a remarkable fixed interest rate of 5.83% per annum; and

- an additional €65m of financing with a five-year maturity (2028) from internationally renowned international banks in the form of a variable-rate term loan for a total principal amount of €32.5m repayable at maturity and a variable-rate revolving loan for a total principal amount of €32.5m.

These two new financings closed on 7 December 2023.

Goldman Sachs acted as mandated arranger.

Stephenson Harwood and Reed Smith advised the OL Group.