Cory Riverside Energy announces debt refinancing
London, 25th October 2018: 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. ”
Notes to Editor
• Cory Riverside Energy is one of the UK’s leading resource management, recycling, and energy recovery companies.
• Riverside is the largest operating Energy from Waste facility in the United Kingdom, with a unique river-based infrastructure on the Thames for delivering waste.
• Cory is owned by consortium comprising Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers. Cory was advised on the refinancing by Rothschild with legal support from Ashurst LLP.
• Riverside has an exceptionally strong operational track record:
- 515 GWh of baseload electricity generated in 2017
- 758,000 tonnes of waste diverted from landfill
- 100,000 truck journeys removed from London’s road every year thanks to our Thames river infrastructure
- 160,000 homes powered
- 230,000 tonnes of carbon saved by not sending waste to landfill
This refinancing marks the completion of the first milestone agreed with our shareholders a few months ago. The Group’s new capital structure reflects and supports the long-term horizons of the new shareholder base following their acquisition in June of this year.