EISER Infrastructure Partners (EISER), the London-based European fund manager, has secured a refinancing of portfolio company ESP Utilities Group, the second-largest independent gas transporter and third-largest independent distribution network operator in the UK.
The refinancing is the second to be secured on the facility following an initial refinancing in 2011 and involves a £275 million five-year debt facility which included a capital expenditure (capex) facility and accordion feature to finance the business’s continuing expansion.
The latest refinancing has secured new senior and junior debt liquidity along with new hedging counterparties as part of the restructuring of the swap portfolio.
“With this deal, we have successfully refinanced the existing bank debt and raised a further capital expenditure facility that will allow ESP Utilities Group to continue investing in the growth of the business,” said Hans Meissner, managing partner and founder of EISER, in a statement.
He added: “ESP Utilities Group is an exciting business with high potential for growth and today’s refinancing will help the management with their expansion plans.”
DC Advisory provided financial advice on the transaction and Linklaters acted as legal advisers.
Based in Surrey, ESP Utilities Group includes the ES Pipelines and ESP Electricity subsidiaries and is licenced by industry regulator Ofgem as an independent gas transporter and distribution network operator. It manages gas and electricity networks with connections to thousands of UK homes and businesses.