Siblu, a French holiday parks operator backed by Stirling Square Capital Partners, has agreed with a pool of funds advised by Alcentra, Barings and HSBC to amend and extend the senior facilities agreement (SFA) that funded the acquisition of the company.

The initial SFA incorporated a 7-year €105m unirate line, a €15m additional facility meant to fund the acquisition of new campsites, a €20m “accordion” line and a €10m revolving credit facility.

Facility 1 has been fully drawn after Siblu grew its pitches under operation by 1,400. That is why Siblu and its lenders have agreed the addition of a new €30m acquisition facility.

Furthermore, they have agreed a reduction of the pricing of the unirate line and of facilities 1 and 2 as well as improved flexibility of their covenants and terms of use.

“Siblu will continue its expansion with the renewed support of its historic lenders who have, through this new arrangement, acknowledged the robust growth of the company and their confidence in management, while reflecting the evolution of the European LBO funding market over the last two years,” Laurent Bory, chief financial officer of Siblu, said.

Siblu was advised by Dickson Minto, and the lenders were advised by Hogan Lovells.

Stirling acquired Siblu from Bridgepoint Development Capital in 2015. The investment in Siblu was originally made by Hermes Private Equity and was managed by BDC.