The latest Banking & Finance successes
Firefighting the effects of the global pandemic, married with the fallout from Brexit, 2020 presented a wave of challenges for us all in the Banking & Finance sector.
We saw the introduction of the much-needed Government backed loan schemes which saw nearly £50bn being lent under BBLS, £26bn under CBILS and £5.5bn under CLBILS.
We know our clients and contacts in the sector have worked tirelessly around the clock, have helped many businesses through the pandemic and we applaud the incredible efforts of you all. It’s at times like these it’s worth reflecting on the achievements we’ve all made over the past 18 months and we thought we’d share a few of our own with you below.
"Our Banking & Finance team remained very active in 2020 which has continued into 2021 as we look to grow the team further across our offices. As restrictions continue to ease across the UK, we look forward to seeing and working with you all again for the remainder of 2021 and into 2022."
What we've been up to
£40M Receivables Finance Facility
We represented a leading medical recruitment agency in connection with the refinance of its receivables facilities with a commercial bank at the start of 2020. The bank provided our client with a £40m receivables finance facility, backed by security from our client and four other group companies. Our role involved negotiating and agreeing the RFA (documented on LMA terms), group guarantee, parent guarantee and security documents and dealing with the redemption of incumbent bank’s existing security over the group, all within a challenging timetable as urgent funding was required for investment reasons – as it turned out, given what happened from March onwards, it was a prescient and critical transaction.
£55M Revolving Credit Facility
We acted on the amendment and restatement of a large local finance provider’s £55m revolving credit facility with a syndicate of banks which was documented on LMA terms. The amendment and restatement needed to be in place quickly and it was negotiated, agreed and signed within the space of a working week.
£20M Revolving Credit Facility & Term Loan
We acted for a well-known FinTech company on the amendment and restatement of its facilities with Silicon Valley Bank (which included a subsequent Future Fund investment). We assisted and guided an important client through a difficult process in the wake of the global pandemic which had far reaching effects across the business.
£14M Investment Loan
We acted for a commercial bank on the amendment and restatement of its facilities with a national property investor in relation to a £14m investment loan. All documentation was prepared on LMA real estate finance precedents and completion took place during the start of the first national lockdown which was a particular success as it demonstrated our ability to complete on transactions at this level despite unprecedented circumstances but, moreover, demonstrated the bank’s commitment towards investment in commercial property despite the uncertainties caused by the pandemic.
CBILS, CLBILS, FF
We acted on 40+ transactions with government-backed loans under CBILS, CLBILS and the FF for financial institutions and borrowers alike. We were delighted to have played a small part in assisting a number of businesses access such critical funding and working with our clients to deliver results as soon as possible (in some cases within 24 hours of instruction) to ease the effects of the pandemic.
£8.5M Acquisition Finance
We acted for ThinCats in relation to a £8.5m acquisition finance loan to Care at Home Services (South East) Limited in respect of its acquisition of Westminster Home Care Limited. We were involved in the preparation and negotiation of two facility agreements, security and guarantees to be provided by 11 subsidiary companies and the drafting of two heavily negotiated bespoke intercreditor deeds to regulate the priority arrangements between the various creditors. Further input was then provided by our Corporate team in relation to a review and report on the acquisition agreement and the legal due diligence material and advice from our Healthcare team on the regulatory requirements relating to a care-home acquisition.
Get in touch
If you’d like to find out more about this update, please get in touch with Claire Wheatley.
Our Banking & Finance team have advised lenders and borrowers on a range of deals involving debt of up to £400 million. We work with banks, building societies and a number of private operators who focus on niche sectors. On the borrower side, we take care to ensure the documentation is weighted as favourably as possible in relation to the borrower. Members of our team have spent time working in-house giving them insight into the pressures deal teams at lender clients face.