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. ”