Orrick advises Losange on its €735 million long term refinancing

3 minute read | June.12.2025

Losange has completed a €735 million hybrid refinancing, combining institutional and bank financing to refinance its existing debt. The refinancing comprises two 26-year fixed-rate bond tranches subscribed by institutional investors for a total of €325 million, a 20-year floating-rate bank loan for €375 million and a €35 million debt service reserve facility.

Orrick represented Losange.

THE COMPANIES

Losange is a project company owned by Altitude Infrastructure THD (Altitude Infra group - 57%), NGE Fibre (NGE group - 22%) and Caisse des dépôts et consignations - Banque des Territoires (21%). Since July 2017, Losange has held the public service delegation awarded by the Grand Est Region for the design, establishment, operation, marketing and financing of a high-speed broadband network covering seven regions: Ardennes, Aube, Marne, Haute-Marne, Meurthe-et-Moselle, Meuse and Vosges.

Financial partners include AXA Investment Managers and Allianz Global Investors as institutional investors, as well as a consortium of banks, including Société Générale, Arkéa Banque Entreprises et Institutionnels, Crédit Mutuel Arkéa, the BPCE group (BRED Banque Populaire, Caisse d'Epargne Ile-de-France, Caisse d'Epargne Normandie, Caisse d'Epargne Grand Est Europe and Natixis), the Crédit Agricole group (AUXIFIP, Crédit Agricole Alsace-Vosges, Crédit Agricole de Lorraine and LCL), La Banque Postale and Nord/LB.

THE IMPACT

This innovative refinancing will enable Losange to continue operating and expanding its high-speed broadband network across the Grand Est Region of France.

THE TEAM

Orrick’s Paul Loisel led the team that advised Losange. The team also included Ahmed Boulahcen, Alexandre Desroches, Inès El Khettar, Paul Agard, Geoffroy Berthon, Constance Boillot, Charlotte Berrat, Cécile Mariotti and Maïten Le Brishoual.

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Paul Loisel Partner, Energy & Infrastructure, Banking & Finance

Parigi

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D:+33 1 5353 7291
E: ploisel@orrick.com

Practice:

Energy & Infrastructure Sector
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Banking & Finance
Renewable Energy
Potere
Africa

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Paul Loisel Partner

Parigi

Paul's practice focuses on project finance and strategic acquisition transactions in energy and infrastructure.

He advises sponsors and financiers on large greenfield and brownfield project financings, both cross-border and domestic, primarily in France, in EMEA and Africa.

He brings exceptional knowledge in structuring and financing of public-private, transport, telecom, energy transition, social infrastructure and real estate projects.

Paul also regularly advises clients in the fast-growing EnergyTech and InfraTech sectors.

He has extensive experience on all types of financings (senior, junior, mezzanine, loans, bonds) and related derivative instruments.

More generally, Paul advises on financing aspects of strategic assets in connection with project finance, M&A/private equity or restructuring transactions.

Geoffroy Berthon Partner, Energy, Infrastructure

Parigi

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D:+33 1 5353 7515
E: gberthon@orrick.com

Practice:

Energy & Infrastructure Sector
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Geoffroy Berthon Partner

Parigi

Geoffroy advises on public contracts, particularly in the context of concessions and PPPs. He has been involved in projects relating to the financing, construction and operation of the Stade Vélodrome in Marseille; the Sud Europe Atlantique high-speed line; the Athletes' Village for the Paris 2024 Olympic Games; the Grand Paris Express and the offshore extension of the Principality of Monaco. He has also worked on several French highway (A412, A69, RCEA, A88, A41, A150), port (Calais, Cannes) and airport projects (Nice, Lyon, Beauvais).

In the renewables field, he acts alongside the French government (Ministry of Energy Transition) in calls for tenders for the construction of offshore wind farms, including floating wind turbines, and advises operators in the realization of biomass and geothermal projects, as well as investors in the context of "M&A" operations concerning wind and solar assets and methanization. He also has experience in hydroelectricity matters. He advises both sponsors and lenders and works regularly with public entities and governments. He also advises on the drafting and negotiation of corporate PPAs, acting for both energy producers and buyers.

Geoffroy Berthon is recognized by clients as "talented, dynamic and brilliant lawyer. He is a hard worker. His calm manner and attentiveness reassure as a client" (Legal 500) and as a Leading Partner by Legal 500 (EMEA 2025) in public law and energy.

Geoffroy holds a doctorate in public law, was a lecturer in public contract law at Sciences Po, and frequently published in both English and French.

Cécile Mariotti Partner, Fiscale, Mergers & Acquisitions

Parigi

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D:+33 1 5353 8180
E: cmariotti@orrick.com

Practice:

Fiscale
Mergers & Acquisitions
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Cécile Mariotti Partner

Parigi

She has significant experience in both French and international tax matters and regularly advises on complex mergers and acquisitions, reorganizations, capital markets, and financing transactions.

Cécile works with French and international corporate groups across various sectors, both public and private, as well as financial institutions and investment funds. She also represents clients in their dealings with tax authorities, including ruling requests and tax litigation. Additionally, she assists in the structuring and implementation of employee stock offerings and management packages.

Cécile teaches a seminar on the tax aspects of LBOs as part of the Master in International Taxation program jointly offered by Paris II Panthéon-Assas University and HEC. She is a member of the International Fiscal Association (IFA) and the Institut des Avocats Conseils Fiscaux (IACF), where she served on the Corporate Tax Committee until October 2020. She is also a member of the Tax Committee of France Invest and has been appointed as a rapporteur for France at the IFA Congress in Lisbon in 2025.

In addition, Cécile serves on the board of the Alliance for the Financing of Femtech in France. She maintains an active pro bono practice in the tech sector and is strongly committed to initiatives and networks that support the long-term success of women leaders in business. Notably, she served as co-leader of the Women Enriching Business Committee in Paris at Latham & Watkins.

Before joining Orrick, Cécile spent four years in the tax team at Latham & Watkins, following seven years in the tax team at Cleary Gottlieb, working in both the Paris and New York offices.

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