France Épargne
FrançaisContact the team

France Épargne Corporate

Senior debt and term loans

France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. Private debt funds invested €5,149m in senior debt in France in 2025, 42% more than in 2024.

Contact the team

Senior debt in 2025 and 2026

€5.1bn
invested in senior debt by private debt funds in France in 2025 (190 transactions)
€1,061.5bn
outstanding investment loans to non-financial corporations at the end of August 2026 (+4.5% year on year)
3.54%
average cost of new bank loans above €1m in August 2026 (3.21% in August 2025)

Tranches

Tranches of a senior debt package

  1. Amortising loan

    A loan of 4 to 7 years on average in an LBO, at a floating rate and repaid in equal annual instalments.

    Compare bullet and amortising

  2. Bullet loan

    The principal is repaid in one payment at maturity. Interest accrues on the full principal until repayment.

    Compare the cost of two offers

  3. Acquisition facility

    A committed tranche that the group draws as it makes acquisitions.

    Acquisition finance

  4. Revolving credit facility

    A committed facility that funds cash needs alongside the term loans.

    Committed revolving credit facility

Market

Investment loans, senior private debt and leverage benchmarks

Bank loans to non-financial corporations by purpose at end August 2026
Loan purposeOutstandingAnnual growth
Investment€1,061.5bn+4.5%
Of which equipment€659.4bn+3.9%
Of which real estate€402.2bn+5.5%
Short-term cash€292.4bn−0.2%
Other purposes€83.2bn+10.6%
Total€1,437.1bn+3.8%

Provisional data for August 2026.

Private debt fund investments in France by debt type
Debt typeTransactions 2025Amounts 2025Share of 2025 amountsAmounts 2024
Unitranche106€8,362m56%€6,836m
Senior debt190€5,149m35%€3,623m
Mezzanine and subordinated debt68€1,338m9%€1,169m

A transaction counts in several rows when it combines several types of debt.

ECB benchmarks for leveraged transactions of banks
CriterionBenchmark
Leverage at originationTotal debt above 6.0 times EBITDA remains exceptional and must be justified.
Repayment capacityAmortise all senior secured debt or repay 50% of total debt within five to seven years.

Guidance applicable to banks under direct ECB supervision since May 2017.

Questions

Frequently asked questions

What is senior debt?
Senior debt is repaid ahead of subordinated debt and benefits from specific security. In an LBO, it takes the form of a loan of 4 to 7 years on average, at a floating rate, repaid in equal annual instalments.
What security comes with senior debt?
Senior lenders take security over assets or personal guarantees: a pledge over the shares of the target company, a mortgage over its property, a pledge over bank accounts, a guarantee from the shareholders of the holding company. The agreement sets financial covenants, such as a level of indebtedness above which the loan becomes due.
What leverage does a bank accept in senior debt?
Under the ECB guidance of May 2017, total debt above 6.0x EBITDA at closing should remain exceptional. The bank checks that the borrower can repay all of its senior secured debt or 50% of its total debt within five to seven years.
How much have private debt funds invested in senior debt in France?
Private debt funds invested €5,149m in senior debt across 190 transactions in France in 2025. This amount represents 35% of corporate private debt. The 2024 total was €3,623m across 139 transactions.
What are the ECB key interest rates?
The ECB deposit facility rate has stood at 2.50% since 16 September 2026. It had stood at 2.25% since 17 June 2026. The main refinancing operations rate is 2.65%.
From what amount can a company request an introduction?
France Épargne Corporate introduces to private debt funds the companies whose financing need reaches €20m or more.

Contact

Request an introduction to lenders

Contact the team

Sources