Mayer Brown advises ICG on €2.0 billion senior bond financing for Funecap

"Mayer Brown advised ICG as arranger and lead underwriter on Funecap’s €2.0 billion senior bond financing; proceeds were used notably to refinance existing bonds. Proskauer Rose advised Funecap on the financing. The transaction features an innovative ad hoc vehicle raised by ICG and is the largest French direct lending operation in 2025 to date."

Mayer Brown advised Intermediate Capital Group (ICG) as arranger and lead underwriter, and Proskauer Rose advised Funecap on the transaction. The transaction comprised a €2.0 billion senior 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 of the bonds issued at closing were allocated, notably, to the refinancing of outstanding bonds. The operation included an innovative structure: an ad hoc vehicle established and raised by ICG exclusively for this financing, illustrating ICG’s capacity to design bespoke solutions that support long-term corporate growth while creating differentiated value opportunities for its clients. ICG has accompanied Funecap’s development since 2015. This refinancing represents, to date, the largest French direct lending transaction in 2025. Mayer Brown represented ICG with a team composed by: Alain Levy, partner, Banking & Finance; David Puzenat, counsel; Valentine Andaloro, collaborator; Mathieu Lebourgeois, collaborator. Proskauer Rose advised Funecap on financing matters.

Mayer Brown advises ICG on €2.0 billion senior bond financing for Funecap

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