Macquarie refinances UK service stations debt

A consortium comprising Macquarie and several superannuation funds has refinanced £626m of debt for Moto Hospitality, a UK service stations operator, via £450m of new bank debt and £176m of high-yield bonds.

A consortium led by Macquarie has successfully refinanced £626 million (€981 million; $1.4 billion) of debt backing subsidiary Moto Hospitality, a UK-based service stations operator.
 
The refinancing was concluded via £450 million of new bank debt, provided by 14 banks, and £176 million of high-yield bonds, issued via a private placement, Moto announced in a statement. “With this refinancing, Moto will extend its debt maturity profile, with a pro forma average maturity of 5.15 years,” the firm said.
 
In addition to Macquarie, Moto is owned by a consortium including Australian superannuation fund investors, AustralianSuper, New Zealand’s Equity Partners Infrastructure Company, and Statewide Superannuation. The refinancing was conducted by a committee including Access Capital Partners, which advises several of the Australian superannuation investors that are part of Moto; Macquarie Infrastructure and Real Assets and Macquarie Capital Advisors.
 
Moto bills itself as the UK’s “leading motorway service area operator based on number of location and revenue”, with 63 locations under management throughout England, Wales and Scotland. The company recorded revenues of close to £850 million in 2010 and employs 4,811 people.