Thursday, 25th October, 2018

Cory Riverside Energy announces debt refinancing

Cory Riverside Energy (“Cory”), one of the UK’s leading resource management, recycling, and energy recovery companies, is pleased to announce the completion of a c.£554m debt-refinancing package for its Riverside Energy from Waste plant in Belvedere, East London.

The refinancing of the existing capital structure follows the acquisition of the group in June 2018 by a consortium comprising Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.

The refinancing has come from a variety of infrastructure-focused banks and well-known institutional lenders. Highlights include:

• £337m 20-year amortising institutional term facility

• £167m 12-year amortising commercial term facility

• £50m five-year, revolving commercial capex facility

• The term loans are fully amortising with a five-year amortisation holiday

• Interest rates are fixed for the term facilities. The institutional 20-year term facility has been provided at a fixed rate. Interest rate swaps will be put in place to fully cover the commercial 12-year facility

• £70m 20-year RPI revenue swap

Nicholas Pollard, CEO of Cory, said:

“ This refinancing marks the completion of the first milestone agreed with our shareholders a few months ago . The G roup’s new capital structure reflects and supports the long - term horizons of the new shareholder base following the ir acquisition in June of this year.

“I’m particularly pleased to see that t he refinancing terms and the composition of its lenders demonstrate the widely - held appreciation of the unique qualities of Cory Riverside Energy , its operational performance and track record, as well as its role as a critical part of London’s efforts to find responsible treatment solutions for the city’s recyclable and residual waste. ”