€85M Unitranche for French Healthcare Platform
Sponsored LBO with single-lien unitranche, €25M accordion, 5.8x leverage, and a 45-day timeline—supporting buy-and-build across France, Belgium, and the Netherlands.
Deal Overview
Transaction Type
Sponsored LBO
Facility Size
€85M
Structure
Single-lien with €25M accordion
Company EBITDA
€15M
Total Leverage
5.8x
Pricing
E+550bp
Term
7 years
Jurisdiction
France, Belgium, Netherlands
The Challenge
A mid-market private equity sponsor acquired a French healthcare services platform with operations across France and Benelux, requiring debt financing for the transaction and a credible path to fund add-ons—on a compressed timetable.
Key complexity factors included:
- •Multi-jurisdiction structure requiring coordinated security and documentation across three countries
- •Time-sensitive process requiring rapid execution (45-day timeline)
- •Need for flexible acquisition capacity to support buy-and-build
- •Regulatory considerations across healthcare jurisdictions
Our Solution
We structured an €85M unitranche facility with a single-lien profile and an accordion sized for bolt-ons. The solution included:
Structure
- →Single-lien unitranche, reducing intercreditor complexity
- →€25M accordion for future acquisitions at consistent economics
- →Flexible covenants with equity cure and restricted payment capacity aligned to the sponsor plan
- →Cross-border security package with local-law perfection
Execution
- →45-day timeline from term sheet to funding
- →Coordinated security perfection across French, Belgian, and Dutch counsel
- →Healthcare regulatory clearances run in parallel with financing workstreams
- →Single closing coordinating multi-jurisdiction filings
Deal Structure
Capital structure
Covenants
- •Net leverage: 6.25x
- •Fixed charge coverage: 2.0x
- •Equity cure: 50%
- •Restricted payments: 75% EBITDA
Key Documentation
Credit Agreement
LMA-based facility agreement adapted for a single-lender unitranche structure, with streamlined amendment thresholds and accordion mechanics.
Security Documentation
Multi-jurisdiction security including French law share pledges, Belgian business asset collateral, and Dutch law silent pledges—coordinated through a parallel debt structure.
Accordion Documentation
Pre-negotiated incremental provisions enabling up to €25M of additional capacity for qualifying acquisitions without a full credit agreement rewrite.
Intercreditor
Not applicable—single-lien unitranche structure removed the need for a senior / junior intercreditor agreement.
Transaction Timeline
Term Sheet
Agreed economics, structure, covenant framework, and accordion mechanics
Due diligence & docs
Financial, legal, and commercial diligence in parallel with credit agreement and multi-jurisdiction security drafts
Negotiation
Covenant and security perfection mechanics finalized; regulatory workstreams aligned to signing
Closing
Signing, funding, and coordinated filings across France, Belgium, and the Netherlands
Outcome
The financing closed on the targeted timetable, giving the sponsor certainty of funds and a practical accordion to execute the buy-and-build plan.
Post-closing benefits:
- •Accordion utilization: Bolt-on capacity was accessed with streamlined perfection and documentation—supporting incremental M&A without a new financing process.
- •Operational flexibility: A single-lien relationship simplified amendments and covenant discussions as trading conditions evolved.
- •Cost efficiency: Competitive unitranche economics versus a split senior / junior stack, with lower structural friction and fewer intercreditor constraints.
Discuss your financing needs
TULA Capital can support your transaction with structuring, lender outreach, and execution discipline.
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