BLP advises Barclays and RBS on significant loan for continually expanding Restore Plc
International law firm Berwin Leighton Paisner (BLP) has advised Barclays Bank PLC and The Royal Bank of Scotland PLC on a brand new secured term loan and revolving credit facility of up to £100m for Restore Plc.
Alongside £32m of funds raised from placing led by Cenkos, the main purpose of this facility is to finance Restore’s acquisition of Wincanton Records Management Limited for an enterprise value of £60m (expected to complete on 8 December 2015). Additionally, at the same time, this will refinance Restore’s outstanding existing indebtedness.
Drawn funds at completion are expected to be £80m with the term facility also providing for a potential further tranche of £20m to fund other future acquisitions by Restore.
The BLP team was led by banking partner Derek Hrydziuszko and corporate partner, Cath Shirley in connection with the acquisition elements of the financing.
Commenting on the deal, Derek said: “This deal is another step in the Restore group’s ongoing expansion and BLP’s involvement began nearly three years ago when we advised Barclays on their initial £30m facility to Restore. It is a significant success for our banking team.”
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