Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate.
Pinsent Masons has advised Simpson Malt Limited on a £90m asset based lending facility with PNC Business Credit.
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The deal will enable Simpson Malt Limited, the fifth-generation family malting and agricultural merchanting business headquartered in Berwick-upon-Tweed, to fund its working capital requirements as well as facilitating wider business expansion.
The team, led by partner Edward Sunderland and including property senior associate Margaret McNeill, banking associate Aaron Kenny and solicitor Sam Williams, advised on all elements of the deal. This involved co-ordinating the negotiations with the incoming funder, the repayment of the existing arrangements and managing the closing process, all on a remote basis due to COVID-19 lockdown restrictions.
Commenting on the deal, lead partner Edward Sunderland said: “We are delighted to have worked with our long-standing client Simpson Malt Limited on another important ABL transaction.
The significant refinancing will allow our client to continue their proposed expansion as well as meet day to day working capital needs”
Graeme Hogg, Director at Simpson Malt Limited added: “Pinsent Masons are our “go to” legal adviser on banking matters having advised on two previous ABL transactions.
Their expertise comes with a practicality that we know will always contribute to a successful completion.”
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