SFTRF Closes up to €968M Euro Refinancing

2 minute read | August.08.2025

Français: Orrick conseille les parties financières dans le cadre du refinancement de la dette de la Société française du tunnel routier du Fréjus à hauteur de 968 millions d'euros

Orrick advised a consortium of commercial banks including Caisse Régionale de Crédit Agricole Mutuel des Savoie, CaixaBank S.A., Crédit Agricole Corporate and Investment Bank, and Crédit Industriel et Commercial and Natixis, as well as leading institutional investors and hedging banks, in the refinancing of the existing debt of Société Française du Tunnel Routier du Fréjus (SFTRF). The total refinancing for SFTRF is around one billion euros, combining €600 million in bank and institutional financing and SFTRF's available cash flow.

THE COMPANY

SFTRF, a ‘société d’économie mixte’ majority-owned by the French State, operates the French section of the Fréjus tunnel, a major transport axis for national and international exchanges since its opening in 1980, under a concession agreement with the French State and an international agreement on the tunnel between France and Italy. SFTRF also holds the concession for the operation of the Maurienne motorway (A43), which connects the Fréjus tunnel to the French motorway network.

THE IMPACT

The refinancing allows SFTRF to repay two existing loans made available by the Caisse Nationale des Autoroutes (CNA), due in 2025 and 2030. It marks a significant milestone for this strategic piece of infrastructure, ensuring its sustainability and maintaining high service standards.

THE TEAM

The Orrick team was led by Paul Loisel and Geoffroy Berthon and included Cécile Mariotti, Ahmed Boulahcen, Alexandre Desroches, Benoît Feroldi, Maïten Le Brishoual, Inès El Khettar and Charlotte Berrat.

Related Lawyers

Paul Loisel パートナー, Energy & Infrastructure, Banking & Finance

パリ

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D:+33 1 5353 7291
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Banking & Finance
Renewable Energy
Power
Africa

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Paul Loisel パートナー

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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 パートナー, Energy & Infrastructure, Energy

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D:+33 1 5353 7515
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Energy
Infrastructure
Public Finance

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Geoffroy Berthon パートナー

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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 パートナー, 税, Mergers and Acquisitions

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D:+33 1 5353 8180
E: [email protected]

Practice:

税
Mergers and Acquisitions
Private Equity

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Cécile Mariotti パートナー

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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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