Global law firm Reed Smith has advised new client Agrivert Group, a leading provider of organic-waste solutions, on the company’s closure of a £96 million refinancing, with the transaction arranged by London-based merchant bank August & Co.
Agrivert’s refinancing will reduce the company’s capital costs and allow for the completion of two new 40,000 tonne, 3MWe anaerobic digestion waste-to-energy plants in the coming year.
£66 million debt refinancing has been provided by GCP Infrastructure Investments Limited – the London-listed specialised infrastructure debt investor – and takes the form of a 17-year, fixed-rate loan which replaces more expensive, short-term debt. Several existing equity holders have also reinvested as part of the financing, which has allowed Agrivert’s private-equity backer Alcuin Capital Partners to exit fully.
Leon Stephenson, Reed Smith Partner, commented:
“We are delighted to have supported our new client Agrivert Group in this refinancing deal. We were able to demonstrate our capability to deliver both complex refinancing and further financing of renewable energy projects. Additionally, Reed Smith’s full service offering was pivotal to the delivery of this complex reorganisation and restructuring in unison.”
Alexander Madden, Chief Executive of Agrivert, added:
“This financing has simplified and reduced the cost of our borrowing, as well as provided the funding to support a significant growth of our business. We were pleased to work closely with global law firm Reed Smith, who provided strategic counsel on a number of key areas, ensuring the smooth completion of the deal.”
The Reed Smith team advised Agrivert in areas relating to project financing, construction, energy and natural resources, property and corporate. The matter was led by Leon Stephenson (partner), Monica Dupont-Barton (counsel) and Maccailein Campbell (associate).
Burges Salmon acted for Gravis Capital Partners and Jones Day acted for Alcuin Capital Partners.
Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 26 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Andrew Darby (senior corporate communications executive EME) on +44 (0)20 3116 3795.