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Advising Pierre & Vacances – Center Parcs on the release of the first Tranche of the new financing

De Pardieu Brocas Maffei has advised Pierre & Vacances – Center Parcs Group on the release of the first Tranche of the new financing of a maximum amount of 300 million euros to the benefit of Pierre & Vacances – Center Parcs, the European leader in local tourism and a French group specializing in the operation of parks and rental management, the design of tourism real estate projects, and the marketing of these projects to individual or institutional investors.

In accordance with the terms of the New Financing entered into on May 10, 2021 between Pierre et Vacances S.A. and some of the Group’s financial creditors, a first Tranche of an amount of EUR 175,000,000 (excluding guarantee commission and commitment commission) has been made available on June 24, 2021 to Pierre & Vacances – Center Parcs.

In consideration of the release of this 1st Tranche, various securities have been granted by the Group to guarantee its redemption as well as the redemption of olddebts held bysome of the creditors participatingin the New Financing for a total amount up to EUR 127.5 million.

The balance of the New Financing for a total amount,in principal,up to EUR 125 million (cancellable without penalties), including EUR 34.5 million as a loan guaranteed by the French State, may be drawn down at the Group’s discretion no later than October 31, 2021, subject to the fulfillment of certain conditions precedent, including in particular the positive vote of Pierre et Vacances S.A.’s General Shareholders’ Meeting on the implementation of a fiducie-sûreté.

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