News
Cavendish completes debt advisory deal
1 February 2009Cavendish Corporate Finance LLP is pleased to announce the completion of a debt advisory deal for a leading healthcare company.
Cavendish was mandated to assist the client in negotiating with its banking syndicate to enable it to move out of default and have
c£60m of committed debt facilities going forward.
Cavendish provided a full debt advisory service to the client, including:
- Attending weekly board meetings and advising on debt and equity issues
- Ascertaining what the debt financing needs were of the business going forward
- Providing strategic input into how to manage the Banks and the proposed amendment of the loan documents
- Negotiating the new terms with the Banking syndicate
- Assisting the legal advisors to the company with reviewing the new loan agreement
- Managing the timetable to ensure the Banks approved the amendment in the required time
- Acting as the key liaison between the Banking group and the Company
As a result of the debt advisory exercise, Cavendish was able to successfully assist with the company's move out of default and help secure the required debt facilities of c£60m committed until 2014 with continued company support from the Bank.
Commenting on the deal, the CEO of the healthcare company said:
''Cavendish provided advice at a critical time and successfully led the negotiations with the banks. We were impressed with their support throughout the process and believe they were integral in enabling us to gain the continued support of our lenders, allowing us to move forward with the business."
The Cavendish partner who led the deal, [Simon Ramery], said:
"We are very pleased with the successful completion of this debt advisory mandate which was achieved amidst very challenging market conditions. This deal provides a platform for the company to continue with its growth plan and demonstrates Cavendish's debt advisory expertise and ability to execute and close deals.''