We assisted in the restructuring of £225 million (including £160 million of ABL funding) of syndicated banking facilities for a £500million turnover UK-based steel manufacturer experiencing liquidity issues. We also facilitated the introduction of a further £30 million of debt from a third party.
By providing the syndicate with a review of the financial forecasts, proposed debt stack and working capital utilisation over a three-year period, we were able to introduce the new funder into the security structure on an agreed form.
The work involved managing multiple complex stakeholders with often competing interests. The restructure ultimately provided sufficient liquidity and space to restructure, as well as strengthening the balance sheet and funding continued trade following recent challenges.
How we help our clients
Our specialist national ABL advisory team offers a range of services to lenders, their clients and other stakeholders focusing on the specific issues faced by ABL funders and their borrowers.
We have in-depth experience advising on the full lending lifecycle, from initial deal structuring and pre-lend advice through to improving working capital management, facility performance monitoring and exit planning on behalf of all parties.