Independent power producer Qair has finalised its inaugural syndicated loan totalling €240 million ($260 million). This financing marks a key step in the group’s financial strategy, enabling it to optimise its capital structure while partially refinancing existing debt.
Three-tiered loan structure
The transaction includes three distinct financial instruments: a €130 million amortising loan with an initial three-year maturity, extendable twice by one year (3+1+1 structure); a €110 million revolving credit facility with identical maturity terms; and an accordion option of up to €100 million, allowing for the addition of new banking partners over time depending on Qair’s evolving financing needs.
The banking consortium brought together ten international financial institutions. Natixis Corporate & Investment Banking acted as sole coordinator and documentation agent. BNP Paribas, Banque CIC Sud Ouest, Caisse d’Epargne et de Prévoyance Languedoc-Roussillon, Crédit Agricole Corporate and Investment Bank, Caisse Régionale de Crédit Agricole Mutuel du Languedoc, Crédit Lyonnais and Natixis Corporate & Investment Banking served as mandated lead arrangers and bookrunners.
Liability optimisation and bond refinancing
Qair will use part of this financing to refinance a €45 million bond maturing in February 2026. The remaining amount will support the company’s general corporate purposes and consolidate several ongoing credit lines. Crédit Agricole Corporate and Investment Bank will act as agent and security agent, while BNP Paribas and entities from the Crédit Agricole group will serve as sustainability coordinators.
The group is currently in advanced discussions with additional financial institutions to expand the original banking pool through the accordion mechanism, as provided in the loan agreement.
Legal advisers and contract management
Law firm Ashurst advised the lenders in the transaction, while Qair was supported by Bryan Cave Leighton Paisner for the negotiation and implementation of contracts. The financing provides the company with increased financial flexibility to support future growth while securing its funding structure amid shifting market conditions.
