GLAS plays several roles in comprehensive debt restructuring of Praesidiad Ltd
GLAS is thrilled to have played a part in the completion of the €398.2m comprehensive debt restructuring of Praesidiad Ltd.
Praesidiad Ltd
Praesidiad Ltd are a UK-based provider of high security safety solutions.
The Praesidiad family of brands have over 140 years of experience delivering trusted perimeter security solutions that keep people and assets safe.
Praesidiad’s products are installed around family homes, deployed in the most hostile parts of the world, and constructed around critical infrastructure. Praesidiad’s brands include Betafence, Hesco and Guardiar, and are renowned for their ability to protect assets, save lives, and secure what matters.
A comprehensive, complex restructuring process is successfully completed
On November 24, 2023, Praesidiad Ltd successfully achieved the scheme effective date for its comprehensive debt restructuring.
The original deal was signed on 14th July 2017 with a syndicate of 47 lenders, including one lender who is currently sanctioned. This necessitated a heightened level of caution and expertise, underscoring our legal and operational capabilities in managing sensitive situations.
To address the involvement of the sanctioned lender, we meticulously navigated the complexities by submitting an application for the necessary OFSI (Office for Financial Sanctions Implementation) license, and established and managed frozen accounts to control any funds owed to the sanctioned entity.
As of the scheme effective date, the group’s debt will be consolidated into a new term HoldCo and term OpCo facility, benefiting the lenders. This restructuring culminated successfully with the completion of the RED on May 28, 2024.
GLAS played several roles throughout this restructuring, including Lock Up Agent, Calculation Agent, Equity Agent, Facility Agent, Security Agent, Holding Period Trustee and Common 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.
