GLAS is pleased to see the successful conclusion of the restructuring of Enermech Ltd, in which a GLAS deal team in London acted as Facility Agent and Security Agent.
The GLAS deal team included Emmanuel Akoto – Client Services Team Leader, Arunima Misra – Legal Counsel, Gilda Cara – Transaction Management Group Leader, Luke Buenaventura – Junior Transaction Manager and Grace Evetts, Client Relationship Manager.
A successful debt restructuring
As a result of the successful consensual debt restructuring, incumbent sponsor Carlyle handed over the control of Enermech to a Polus Capital-led group of lenders which included JPMorgan and ICG in a debt for equity swap.
EnerMech’s successful recapitalisation of the business delivered a substantial debt reduction with £300m of debt to be written off, and a stable liquidity platform with £120m new money baskets to ensure the success of the company moving forward. It has been reported that EnerMech has began to utilise some of the new money facilities.
GLAS were brought on to this transaction to act as Facility Agent and Security Agent due to the wealth of expertise in this space on a long list of successful restructurings.
GLAS’s roles under the ‘Restructuring Implentation Deed’ include Existing Senior Facility Agent, Existing Super Senior Facility Agent, Existing HoldCo PIK Facility Agent, New Senior Topco Facility Agent, and the New Senior Opco Facility Agent and Security Agent.
About GLAS
GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.
GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of €360bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.