Paris – Mayer Brown advised ICG, the global alternative asset manager, as arranger and lead subscriber, on the €2.0 billion senior secured bond financing for Funecap, a leading provider of funeral infrastructure and services, with an extensive network of crematoria, pet crematoria and funeral homes across Europe and North America.
The proceeds from the bonds issued at closing were used, in particular, to refinance outstanding bonds.
The transaction includes an innovative arrangement, featuring a first-of-its-kind special purpose vehicle raised by ICG exclusively for this financing, confirming ICG's ability to design bespoke solutions that support businesses' long-term growth and simultaneously deliver differentiated opportunities for client value creation.
ICG has contributed to the Funecap group's development since 2015.
This refinancing is the largest French direct lending transaction of 2025 to date.
The Mayer Brown team was led by Banking & Finance partner Alain Levy and counsel David Puzenat and included associates Valentine Andaloro and Mathieu Lebourgeois.