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case study



Syndicate facility signed in 2012 with expensive margins and LSVT-style covenants – the refinancing targeted to:
- Remove restrictive covenants
- Reduce cost of funding
- Lock into the current low long-dated interest levels
- Facilitate a value-enhancing development programme
- Obtain approval to form new group structure
JCRA took the board through the impact and process for restructuring, and provided regular updates throughout.
Our role in the process was to advise on the funding strategy, the negotiations with lenders and investors and supporting the decision making process of the Board.
Over £1m interest cost savings p.a.
Debut private placement, split across three tranches
£20m deferred monies for 12 months
Speak to an expert

Alex Morgan


E: Alex.Morgan@jcrauk.com
T: +44 (0) 207 493 3310

Our approach

Number of evening sessions for the Board

Advising on tactics for negotiations with syndicate lenders

Interviewing potential arranger banks

Overseeing the pricing and sale of the bonds

Managed risk after pricing

Explore what we do

Benefits of our approach

  • Removal of all LSVT-style restrictions
  • Bespoke funding agreement to suit the needs of the Group
  • £60m Private Placement – with 1 year deferral
  • Substantial reduction in the annual interest bill - £1m saving p.a. 
  • Negotiated settlement of swap break costs
  • New banking facilities – RCF and Term Loan 
  • Refinanced Syndicate lenders
  • Reduced suite of financial covenants

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