France Épargne Corporate
Refinancing corporate debt
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. In France, refinancings accounted for 42% of the amounts invested in corporate debt by private debt funds in 2025.
Private debt refinancing in France in 2025
- €6.3bn
- refinanced by private debt funds in France in 2025 (94 transactions)
- 42%
- of the amounts invested in corporate debt in 2025 (23% in 2024)
- +138%
- increase in amounts refinanced in 2025 compared with 2024
Transactions
Refinancing transactions
Refinancing a syndicated loan
Maturity extension, renegotiation of margins and covenants, new lenders joining the syndicate.
Refinancing LBO debt
Replacement of a senior and mezzanine structure with a unitranche, recapitalisation with a dividend distribution, debt portability on exit.
Refinancing a unitranche
Repricing, return to senior bank debt, addition of an acquisition facility.
Bond refinancing
Repayment of a Euro PP or a Schuldschein at maturity through a new private placement or a term loan.
Asset-based refinancing
Replacement of cash-flow based debt with a facility secured on receivables, inventory or operating real estate.
Refinancing under pressure
Upcoming maturity, covenant breach, refusal by the existing lender group.
Market
Corporate private debt in France in 2025
| Transaction type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Refinancing | 94 | €6,275m | 42% | €2,641m |
| Buyouts | 123 | €5,138m | 34% | €5,314m |
| External growth | 70 | €2,658m | 18% | €3,131m |
| Organic growth | 28 | €686m | 5% | €500m |
| Asset finance | 27 | €94m | 1% | €42m |
| Total | 342 | €14,849m | 100% | €11,628m |
Scope: corporate debt excluding infrastructure, activity in France of French and foreign funds.
| Debt type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Unitranche | 106 | €8,362m | 56% | €6,836m |
| Senior debt | 190 | €5,149m | 35% | €3,623m |
| Mezzanine and subordinated debt | 68 | €1,338m | 9% | €1,169m |
A transaction counts in several rows when it combines several types of debt.
Questions
Frequently asked questions
- How much did private debt funds commit to refinancings in France in 2025?
- Private debt funds committed €6,275m to 94 refinancing transactions in France in 2025. The 2024 total was €2,641m across 39 transactions.
- What share of corporate private debt does refinancing represent?
- Refinancing accounted for 42% of the amounts and 27% of the corporate private debt transactions in France in 2025. Buyouts accounted for 34% of the amounts.
- Which type of debt do private debt funds use most in France?
- Unitranche accounted for 56% of the amounts invested in 2025 (€8,362m, 106 transactions). Senior debt accounted for 35% of the amounts and mezzanine for 9%.
- What share of private debt transactions closes without a private equity fund?
- 27% of the corporate private debt transactions completed in France in 2025 closed without an equity investor.
- From what amount can a company request an introduction for a refinancing?
- France Épargne Corporate introduces companies whose financing need reaches €20m or more to private debt funds.
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