Capital and Debt Advisory

Credentials

EY - Cadogan EstatesEY - IntertekEY - Project HollandEY - Sportech PLCEY - States of JerseyEY - The WorksEY - Kentz CorporationEY - Learn DirectEY - Stock SpiritsEY - Workspace
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Our credentials

Our CDA team was established in 2008 to provide strategic, objective and robust advice to clients across all aspects of their capital structure and financing strategy. Since then we have grown to a team of 60 advisors globally, and successfully helped many businesses deliver on their capital objectives.

This table shows some examples of the type of projects we have successfully undertaken.

Year

Company

Credentials

2014

Cadogan Estates

Advised on £100m Private Placement

2014

Defra & Thames Tunnel

Financial Advisor on the Thames Tunnel

2014

Exova

Financial advisor on IPO

2014

Intertek

US$880m Senior bank facility refinancing and US$110m Private Placement independent Financial Advisor

2014

Intertek

Advised on £800m refinancing of bank facilities

2014

Jersey Electricity

Senior Bank Facilities and Private Placement Financial Advisor on the raising of £70m

2014

Laird PLC

US$125m Private Placement advisor

2014

OCS

£140m Senior Bank Facilities Refinancing – Sole Financial Advisor

2014

Petroceltic

Financial advisor on covenant amendment

2014

Port of Tyne

£50m Bank Facility Refinancing

2014

Project Coleman

Hedging Advisor for new Real Estate Fund

2014

Project Holland

Hedging Advisor for refinancing of Real Estate Fund

2014

Sportech PLC

Refinanced £80m and increased facilities with 3 bank club

2014

States of Jersey

Financial and hedging advisor on debt raising and £250m public bond issuance

2014

The Portman Estate

Ratings advisor on public bond issuance

2014

The Works

Advised on £35m refinancing and recapitalisation

2014

Whyte & Mackay (Vasari)

£250m buyside financing

2013

Bibby

£500m+ evaluation and restructuring of global facilities for leading European Financial Services firm

2013

Cadogan

Private Placement £100m Financial Advisor

2013

CC Energy

Advisor in relation to a $150m reserves based lending facility

2013

Daisy Telecoms

£200m club refinancing of bank facilities due 2018

2013

Department of Energy & Climate Change

Structuring and financing advice on major infrastructure finance scheme

2013

Fitness First

Financial advisor on the issuance of a high yield bond

2013

Genel Energy

Début £500m Nordic bond issuance

2013

Global Garden Products

Advised on €200m buyside financing package

2013

Jersey Telecom

Advisor for Debut Private Placement

2013

John Lewis

Financial advisor on the issuance of a retail bond

2013

Kentz Corporation

$560m acquisition facilities for the purchase of Valerus Field Solutions LP

2013

Learn Direct

Advised on £85m recapitalisation

2013

Leasedrive (LDC)

£40m sellside financing for a secondary buyout Financial Advisor

2013

Merger Market

Advised on £200m buyside financing package

2013

Nuffield Health

Financial advisor on the issuance of £18.6m retail bond

2013

Project Home

Refinancing of US$500m revolving credit facility and US$200m Private Placement

2013

Quotient Clinical (Bridgepoint)

Advised on the financing of the acquisition of Quotient Clinical

2013

RAMCO (LDC)

Buyside financing for a secondary buyout

2013

Rio Tinto

Financial advisor for the hive out of an asset into an off-balance sheet financing company

2013

Sauflon

Advised on £30m refinancing and recapitalisation

2013

Smith & Nephew

US$325mPrivate Placement Sole Financial Advisor

2013

Sparrows offshore (cbpe)

Sellside financing and soft stable

2013

Stock Spirits

Advisor in relation to an amendment and re-pricing of €310m of facilities

2013

Warwick Chemicals

Financial Advisor on refinancing and debt raising

2013

Workspace

£353m Senior Bank Facilities & Private Placement refinancing

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AllSaints Retail Limited

Transaction highlights

  • High fashion retailer
  • Quickly identified key capital structure issues
  • Accelerated sale and refinance
  • Attracted suitable mid/long term equity partner
  • £40m stapled senior facilities (including capex capability)

Accelerated sale with £40m stapled senior debt

  • EY acted as Sole Financial Advisor to AllSaints Retail Ltd, empowering them to execute a successful accelerated sale of a major shareholding whilst arranging stapled debt facilities.
  • AllSaints has grown rapidly over the last few years, establishing itself as a leading international fashion brand in the UK, US, across Europe and online.
  • EY quickly identified the issues faced by the Group, particularly in relation to its capital structure and growth-related trading issues.
  • Issues faced included a disparate group of shareholders, including institutions investors from Iceland.
  • The £40m funding agreement supports the Group’s growth strategy providing substantial additional funding as it steps up its consolidation strategy within the forecourt retailing sector.
  • The facilities were led and arranged by AllSaints’ existing banking partner, Lloyds Banking Group.
  • By interfacing directly with the funders, EY and the Company were able to be in complete control of the process, tailor the documentation to their precise needs and build a meaningful relationship with each funder. This certainly made a positive impact on both appetite and pricing.
  • EY managed all aspects of the process, from introducing new lenders through to completion, liaising directly with all parties on behalf of the borrower.
  • The deal was structured as a stapled debt facility, supporting the incoming equity provider and supporting the Group’s growth aspirations.

Daisy Group plc

Transaction highlights

  • £200m senior facilities (£150m RCF, £50m term loan)
  • £50m accordion option
  • 6 bank club
  • June 2016 expiry
  • Secured
  • Competitive pricing, covenant package and conditionality

£200m fund raising and refinance plus £50m accordion facility

  • EY acted as Sole Financial Advisor to Daisy Group plc, executing a successful £200m debt raising, with additional £50m accordion option.
  • AIM listed Nelson based Daisy Group plc is one of the UK’s leading providers of integrated communications solutions for SME’s.
  • The £200m funding agreement supports the Group’s acquisition strategy providing substantial additional funding as it steps up its consolidation strategy within the sector.
  • ING Bank was introduced to the existing banking club of: Barclays; HSBC; Lloyds Banking Group; RBS; and Yorkshire Bank, thus providing a stable platform to support the Group’s strategic aspirations. 
  • By interfacing directly with the funders, EY and the Company tightly controlled the refinance process, tailored the documentation to precise business needs whilst building meaningful relationships with each funder.
  • Achieved relaxation of key covenants and conditionality, including covenant definitions; permitted acquisitions, shareholder distributions; and reduced requirement for annual amortisation.
  • Enabled the Group to announce its maiden dividend, which had an immediate and positive impact upon the Group’s share price.

Department for Environment, Food and Rural Affairs

  • EY are advising DEFRA on the package of financial support that it may offer the Thames Tideway Project.
  • The Thames Tideway Tunnel is needed to alleviate the issue of sewer discharge into the River Thames during periods of adverse weather.  This discharge is contrary to the Urban Waste Water Treatment directive and it is therefore essential that it is addressed.
  • The tunnel is expected to be over 23 miles long and cost in the region of £3.5bn to £4bn to construct.  Its scale and complexity is unique in the UK water industry and as a result special delivery and ownership mechanisms have been developed.

Our work includes:

  • Assisting DEFRA understand the role it may play in allowing the tunnel to be funded in the current debt and equity markets.
  • Working with DEFRA and HM Treasury on the development of a package of support measures that strike an appropriate balance between deliverability in the market, allows normal equity incentives and regulatory mechanisms to function and which offers value for money for both consumers and the public sector.
  • Addressing issues of State Aid.
  • Developing a package that allows for an investment grade rating for the Tunnel Delivery and ownership vehicle to be achieved.

Ethel Austin Property Holdings Limited

Transaction highlights

  • £645m senior facilities
  • Asset backed
  • Competitive pricing package
  • Debt for equity swap

£645m debt restructuring

  • EY acted as Sole Financial Advisor to Ethel Austin Property Holdings Limited, empowering them to execute a shareholder restructure and £645m refinancing.
  • Liverpool based Ethel Austin Property Holdings (EAPH) is one of the UK’s largest independent property owners, holding property throughout the North West and beyond.
  • The facilities were led and arranged by EAPH’s existing banking partners, Lloyds Banking Group and RBS.
  • The restructuring involved the lenders taking a significant equity holding in the company, with existing shareholders and management retaining control and material equity holdings.
  • A multidisciplinary team was lead by Capital and Debt Advisory, and included Corporate Restructuring, Transaction Tax and Forensic Accounting.
  • By interfacing directly with the funders, EY and the Company were able to be in complete control of the process, tailor the documentation to their precise needs and build a meaningful relationship with each funder.
  • EY managed all aspects of the process, from introductory meetings with lenders through to completion, liaising directly with all parties on behalf of the borrower.