Interserve’s completing its group refinancing

Ashurst is advising Interserve on its group refinancing.

Pursuant to the deal agreed with Interserve’s lenders, bond providers and the trustee of its pension scheme, new financing arrangements providing cash facilities of £196.6m plus bonding facilities of up to £94.5m will be put in place subject to satisfaction of certain remaining conditions precedent which are expected to be satisfied before 30 April. These new facilities will mature on 30 September 2021.

Existing debt and private placement notes will be amended so that they also mature on 30 September 2021. The new facilities, existing facilities and obligations to the pension Scheme will be guaranteed and secured by various members of the group.

In addition, the Company will be issuing issued warrants to the providers of the new cash and bonding facilities with the right to subscribe for new shares at 10 pence per share (the nominal price of each share). If exercised this would provide the warrant holders with an interest of up to 20% of the post-issue share capital.

Interserve is one of the world’s foremost support services and construction companies. Headquartered in the UK it has gross revenues of £3.6 billion and a workforce of circa 80,000 people worldwide.

The Ashurst team advising Interserve is being led by banking partner Nigel Ward, restructuring and special situations partner Giles Boothman, projects partner Logan Mair and corporate partner Tom Mercer (picture).

The team also includes banking partners James Collis and Martyn Rogers, corporate partners Simon Bullock and James Fletcher and tax partner Nick Gardner as well as Giorgia Sosio de Rosa, James Frixou, Jacob Bennett and Michael Lee (banking), Luiza Wojciszke (projects) Jake Hadfield and Harry Thimont (corporate) and John Gordon (pensions).

Involved fees earner: Nigel Ward – Ashurst; James Collis – Ashurst; Martyn Rogers – Ashurst; Michael Lee – Ashurst; Giorgia Sosio De Rosa – Ashurst; James Frixou – Ashurst; Jacob Bennett – Ashurst; Giles Boothman – Ashurst; Tom Mercer – Ashurst; Jake Hadfield – Ashurst; James Fletcher – Ashurst; Simon Bullock – Ashurst; Harry Thimont – Ashurst; Nicholas Gardner – Ashurst; John Gordon – Ashurst; Logan Mair – Ashurst; Luiza Wojciszke – Ashurst;

Law Firms: Ashurst;

Clients: Interserve;