GLAS News

June 26, 2017

GLAS USA appointed as Administrative Agent for Navico Inc. Credit Facility

NEW JERSEY – GLAS USA LLC, a leading independent provider of Administrative Agent and Trustee services, has been appointed Administrative Agent and Collateral Agent in connection with Navico Inc.’s recent credit facility. GLAS USA LLC is a subsidiary of Global Loan Agency Services Limited. For any questions or new business inquiries, please contact: Michael Amato 1-212-808-3053 michael.amato@glas.agency

New York
June 20, 2017

GLAS USA appointed as Successor Administrative Agent for CPEX Pharmaceutical Credit Facility

NEW JERSEY – GLAS USA LLC, a leading independent provider of Administrative Agent and Trustee services, has been appointed as successor Administrative Agent and Collateral Agent in connection with CPEX Pharmaceutical’s existing credit facility. GLAS USA LLC is a subsidiary of Global Loan Agency Services Limited. For any questions or new business inquiries, please contact: Michael Amato […]

GLAS Team, New York
May 26, 2017

GLAS Files Involuntary Chapter 11 Petition for PIK Lenders against Eco-Bat Technologies

NEW JERSEY — GLAS USA LLC As administrative agent for PIK lenders, filed an involuntary chapter 11 petition on May 18, 2017 in the Bankruptcy Court for the District of Nevada against Dallas-based EB Holdings II, parent of Eco-Bat Technologies, asserting claims in the total amount of approximately €1.8 billion. GLAS USA, is represented by Wilmer Cutler Pickering […]

Other News
May 25, 2017

GLAS Sponsors The Private Debt European Forum

Paris, May 2017 GLAS, a leading agent in the direct lending space, will be sponsoring the Private Debt European Forum. We look forward to welcoming our clients in Paris at the two-day conference on May 30th and 31st. Keith Miller, Head of Loan Services, and Elizabeth Fitzgibbons, part of the Business Development team, will be […]

Direct Lending, Events, GLAS Team
May 16, 2017

GLAS Australia takes key roles in Barminco senior secured notes issuance

Sydney, May 2017 GLAS Australia, the leading independent Agency services provider, was mandated with key Security Trustee and Revolving Facility Agent roles in Barminco Finance Pty Limited’s raising of USD 350 million Senior Secured Notes and a senior secured AUD 100 million Revolving Credit Facility (and hedging arrangements). The notes are listed on the Singapore […]

Australia, GLAS Team
May 4, 2017

GLAS Adds Veteran Trust Specialists to Americas Team

NEW YORK/LONDON – May 3, 2017 – Global Loan Agency Services Ltd., the UK parent of the global GLAS companies, today announced the appointment of two veteran trust professionals to its global trust team. Martin Reed and Adam Berman, longtime specialists in corporate trust administration and corporate financial services, will help lead GLAS globally as […]

Other News
April 19, 2017

GLAS plays key role in completion of Abengoa debt restructuring

London, April 2017 GLAS, the leading independent Agency services provider, was mandated in the key role as Restructuring Agent on the highly complex Abengoa, S.A. transaction. GLAS was instrumental in centralising communications, managing various waivers and consents and assisting the deal parties in getting the restructuring over the line. The deal involved implementation of a restructuring plan […]

Client Services, Restructuring
March 21, 2017

Orrick, the commercial and legal specialist talks about working with GLAS

The commercial and legal specialists at Orrick talk about their role in assisting GLAS in recent transactions. The Orrick team talks about assisting GLAS in the restructuring of the debt of Edcon Edcon has been under severe pressure over the past few years. GLAS Trust Corporation Limited became trustee of two Senior Secured Notes of […]

Client Services
March 16, 2017

GLAS opens up in Sydney, Australia

GLAS, the independent provider of finance administration services, has announced the opening of an office in Sydney, Australia. GLAS sees growth in its finance administration services in Australia A Sydney office expands the GLAS business in Australia following the opening of its Melbourne office in 2016. Since then, GLAS has seen significant interest in its […]

Australia, Client Services, GLAS Team
March 1, 2017

US regulation helps GLAS expand trust services offering

US regulation – NEW YORK and LONDON—March 1, 2017 Global Loan Agency Services Ltd., the UK parent of the global GLAS companies, today announced that it has now received its US regulatory approval. The newly chartered GLAS Trust Company LLC will be regulated by the State of New Hampshire. Regulation as a trust company will […]

GLAS Team, New York
February 16, 2018

GLAS Trust Company appointed Successor Administrative Agent on EXCO Resources Second Lien Credit Facility

February 2018

NEW YORK – GLAS Trust Company LLC was recently appointed Successor Administrative Agent on EXCO Resources, Inc.’s Second Lien Credit Facility due in 2020. EXCO Resources is an oil and natural gas company engaged in the exploitation, exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resources.

On January 15, EXCO Resources filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.

Dan Fisher, who leads GLAS Trust Company says, “The Exco appointment is a major step forward for our rapidly growing restructuring and bankruptcy products and services in the US and globally”.

For more information, please contact media@glas.agency.

Client Services
January 23, 2018

GLAS USA LLC appointed Agent for RGL Reservoir Management Credit Facility

January 2018, New York

GLAS USA LLC, a leading independent provider of Administrative Agent and Trustee services, has been appointed Administrative Agent and Collateral Agent, in connection with RGL Reservoir Management’s recent amended debt facility. RGL Reservoir Management Inc. is a market leader in sand and flow control products in Canada, the USA, South America, the Middle East and Africa.

On 21 December 2017, RGL completed the recapitalization of its balance sheet, reducing the long-term debt by over 80%. GLAS was made Administrative and Collateral Agent on behalf of the Lenders.

Dan Fisher, Head of the Americas for GLAS, says, “We are pleased to have RGL join our rapidly growing book of business for loan agency and collateral agency services in the US and globally.”

For more information, please contact media@glas.agency.

New York
January 18, 2018

GLAS makes key New Year hires in London

January 2018, London

 GLAS is delighted to announce it has appointed Joanne Brooks as Head of its London business. Jo joins from Citibank where she was a Director in their Agency and Trust Group and has over 23 years’ experience in both the Loan and Debt Capital Markets. Jo has global experience in transaction and business management, product management and development, project management, risk and operations. Jo will be instrumental in the continued success and expansion of GLAS’s UK business.

Mia Drennan, Chief Executive, says, “We are absolutely thrilled to have Jo join us. She is highly regarded in the market and we feel that her knowledge and experience is a great addition to the GLAS team. Jo has already made an immediate impact on our business.”

Jo adds, “GLAS is distinguished as the leading service provider in the market and its’ global offering make GLAS well positioned to continue its high success and expansion rate. I am looking forward to further developing the significant platform at GLAS from the UK office.”

In addition to Jo, GLAS has hired Deion Fox as Client Relationship Manager. Deion joins GLAS from Lloyds Banking Group where he was a Relationship Manager in a European Market Lending Team looking after a diverse portfolio of sophisticated Private Asset Managers including Private Equity Funds, Debt Funds, and Infrastructure and Energy Funds. Deion has over 16 years’ experience in the Financial Services market incorporating front, middle and back office experience, giving end to end transactional knowledge and a key understanding of deliverables.

Deion says, “Whilst working in both the Lloyds Bank Agency and Financial Sponsors teams I could see what real value an independent agency function could add and the opportunities that exist for it within the market. I am therefore delighted to be joining such a dynamic firm as GLAS who, with their agility and responsiveness in an ever-increasing demanding environment, have led the way in providing best in class service to its clients. A front office approach to a back-office service is very much evident at GLAS and I look forward to helping the firm continue its growth.”

Mia says, “GLAS is recognised as the leading independent Agency provider with a significant market share in Direct Lending. Deion is well known among this community and we are delighted to have him join us to support the team.”

 

GLAS has also made other recent hires to strengthen its sales and compliance teams.

For more information, please contact:
media@glas.agency

GLAS Team
November 13, 2017

GLAS appointed Trustee on Miller Homes High Yield Bond Issuance

November 2017, London

Last month, Miller Homes Group closed its £425 million high yield bond issuance. GLAS Trustees Limited (GLAS Trustees) acted as trustee on the issuance. The transaction is an important milestone for the corporate trust practice at Global Loan Agency Services Limited (GLAS). Helena Giles, Head of Trustee Services at GLAS noted, “GLAS is delighted to be involved with this important transaction for Miller Homes on this primary issuance in the EMEA region. Our independence as well as our front-office approach, means that GLAS offers a strong alternative to the bank corporate trust providers. We look forward to growing our relationship with Miller Homes”.

Mia Drennan, Chief Executive of GLAS stated, “This transaction underlines the rapid growth of our corporate trust practice, led by Helena. We are seen as a high level, service and people led alternative to the traditional players in the corporate trust space, and we see this as a very important part of our groups growth globally”.

The transaction involved the issuance by Miller Homes Group Holdings plc of £250 million 5.50% senior secured fixed-rate notes due 2024 and £175 million senior secured floating-rate notes due 2023.

The joint global coordinators and bookrunners were Barclays Bank PLC, Deutsche Bank, HSBC Bank PLC, Goldman Sachs International, Jefferies International Limited and Lloyds Bank plc who were advised by Shearman & Sterling (London LLP). The Miller Homes Group Holdings plc was advised by Linklaters LLP. Banque Internationale à Luxembourg (BIL) acted as paying agent. GLAS Trustees and BIL were advised by K&L Gates LLP. Miller Homes was bought by Bridgepoint fund Bridgepoint Europe V.

Following this issuance, Miller Homes Group Holdings plc have acquired Miller Homes Holdings Limited, the parent company of the Miller Group. Founded in 1934, the Miller Group is one of the largest privately-owned U.K. housebuilders by number of property completions. Their business consists of acquiring land; obtaining planning and other consents; overseeing the development of homes and ancillary infrastructure; and then selling the homes to individual customers.

Global Loan Agency Services Limited was established in 2011 as an independent provider of finance administration services. Global Loan Agency Services Limited is a privately-owned business, founded by Mia Drennan and Brian Carne. 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. We offer a wide range of administration services developed specifically for the debt market. We are an employee led organisation, with each employee directly participating in the success of the company. GLAS Trustees Limited is a direct subsidiary of Global Loan Agency Services Limited.

For more information, please contact:
media@glas.agency

GLAS Trustee Limited
November 6, 2017

GLAS expands its EMEA Business Development team

November 2017, London

GLAS is delighted to announce its most recent Business Development hire, Vanessa Dibello.  Vanessa will work alongside the existing team based in London and will report into our Global Head of Sales, Xavier Poussardin.

Vanessa joins GLAS from Intralinks where she expanded client relationships within UK law firms and financial advisors. She grew Intralinks’ market share and leadership in Italy working closely with corporate clients, investment banks, law firms and Private Equity funds. Vanessa has over 15 years’ experience in the marketplace and has been responsible for driving sales and business development efforts in existing and emerging markets in different geographies.

Vanessa will be focussing on the coverage of new private debt funds, advisors and sponsors in London and Southern Europe. Vanessa adds, “I am extremely excited to be joining GLAS at this incredible time of their international expansion.”

Mia Drennan, CEO, said “We are thrilled to add Vanessa to the GLAS team.  Her experience in Southern Europe and resulting network will be a real benefit as we continue to build our brand and grow market share across EMEA.”

Xavier Poussardin, Global Head of Sales, adds, “I am delighted to have Vanessa on board. She is a great fit within the sales team and will add a great amount of experience and depth in Southern Europe.

GLAS has offices in London, New York, New Jersey, Singapore, Sydney and Melbourne.

For more information, please contact:

media@glas.agency

GLAS Team
November 3, 2017

GLAS named ‘Best Trustee Services’ firm by ALT Credit Intelligence

2nd November 2017, London

GLAS is thrilled to announce it has won the ‘Best Trustee Services’ award at this year’s prestigious ALT Credit European Services Awards ceremony.  GLAS faced a tough crowd in the nominations and tough competition from BNY Mellon, Deutsche Bank, and US Bank. This is the second award GLAS won in relation to its high touch client service. Last year, GLAS was also recognised for its achievement as a leading administrator and was nominated the ‘Best Loan Administration – Client Services’ award.

Mia Drennan, Chief Executive Officer said, “This is a fabulous achievement for our global team who work extremely hard on complex matters. I am delighted that GLAS stood out in this category!”

GLAS has a global team of sixty individuals located in London, New York, New Jersey, Sydney and Melbourne.

For more information, please contact:
media@glas.agency

Events, GLAS Team
March 20, 2018

GLAS appointed Escrow Agent on the sale of an Ideal Standard manufacturing plant to Saxa Gres

March 2018

London – Ideal Standard is a multinational company headquartered in Belgium, specialising in bathroom, sanitary ware and plumbing fixtures for homes, airports and hotels. Ideal Standard operates in Europe, the Middle East and North Africa. Saxa Gres is a private Italian company focused on recycling industrial waste into the production of porcelain stoneware tiles and paving materials, with a production process based on energy saving and the development of renewable energy.

As part of a €30 million transaction, backed by the Italian government, the Lazio regional government and including resources provided by Ideal Standard, an agreement was signed with the Ministry for Economic Development on 12 February 2018 for the transfer of the complete assets of the Ideal Standard Roccasecca manufacturing site to Saxa Gres, through the newco Saxa Grestone.

Saxa Gres will reconvert the site to produce ceramic based cobblestones and transfer the employment of circa 300 workers from Ideal Standard to Saxa Gres within two years.

The transaction, supported by trade unions, the Ministry for Economic Development and the Lazio regional Government, has gained substantial media exposure due to the parties involved and the ability to ensure that a large number of workers will still remain in employment.

Due to GLAS’ ability to take a commercial and pragmatic approach as agent and work to tight deadlines, GLAS was appointed Escrow Agent to receive and hold monies pending distribution upon fulfilment of certain conditions linked to the sale of the manufacturing site.

For more information, please contact media@glas.agency.

Client Services
February 16, 2018

GLAS Trust Company appointed Successor Administrative Agent on EXCO Resources Second Lien Credit Facility

February 2018

NEW YORK – GLAS Trust Company LLC was recently appointed Successor Administrative Agent on EXCO Resources, Inc.’s Second Lien Credit Facility due in 2020. EXCO Resources is an oil and natural gas company engaged in the exploitation, exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resources.

On January 15, EXCO Resources filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.

Dan Fisher, who leads GLAS Trust Company says, “The Exco appointment is a major step forward for our rapidly growing restructuring and bankruptcy products and services in the US and globally”.

For more information, please contact media@glas.agency.

Client Services
January 23, 2018

GLAS USA LLC appointed Agent for RGL Reservoir Management Credit Facility

January 2018, New York

GLAS USA LLC, a leading independent provider of Administrative Agent and Trustee services, has been appointed Administrative Agent and Collateral Agent, in connection with RGL Reservoir Management’s recent amended debt facility. RGL Reservoir Management Inc. is a market leader in sand and flow control products in Canada, the USA, South America, the Middle East and Africa.

On 21 December 2017, RGL completed the recapitalization of its balance sheet, reducing the long-term debt by over 80%. GLAS was made Administrative and Collateral Agent on behalf of the Lenders.

Dan Fisher, Head of the Americas for GLAS, says, “We are pleased to have RGL join our rapidly growing book of business for loan agency and collateral agency services in the US and globally.”

For more information, please contact media@glas.agency.

New York
January 18, 2018

GLAS makes key New Year hires in London

January 2018, London

 GLAS is delighted to announce it has appointed Joanne Brooks as Head of its London business. Jo joins from Citibank where she was a Director in their Agency and Trust Group and has over 23 years’ experience in both the Loan and Debt Capital Markets. Jo has global experience in transaction and business management, product management and development, project management, risk and operations. Jo will be instrumental in the continued success and expansion of GLAS’s UK business.

Mia Drennan, Chief Executive, says, “We are absolutely thrilled to have Jo join us. She is highly regarded in the market and we feel that her knowledge and experience is a great addition to the GLAS team. Jo has already made an immediate impact on our business.”

Jo adds, “GLAS is distinguished as the leading service provider in the market and its’ global offering make GLAS well positioned to continue its high success and expansion rate. I am looking forward to further developing the significant platform at GLAS from the UK office.”

In addition to Jo, GLAS has hired Deion Fox as Client Relationship Manager. Deion joins GLAS from Lloyds Banking Group where he was a Relationship Manager in a European Market Lending Team looking after a diverse portfolio of sophisticated Private Asset Managers including Private Equity Funds, Debt Funds, and Infrastructure and Energy Funds. Deion has over 16 years’ experience in the Financial Services market incorporating front, middle and back office experience, giving end to end transactional knowledge and a key understanding of deliverables.

Deion says, “Whilst working in both the Lloyds Bank Agency and Financial Sponsors teams I could see what real value an independent agency function could add and the opportunities that exist for it within the market. I am therefore delighted to be joining such a dynamic firm as GLAS who, with their agility and responsiveness in an ever-increasing demanding environment, have led the way in providing best in class service to its clients. A front office approach to a back-office service is very much evident at GLAS and I look forward to helping the firm continue its growth.”

Mia says, “GLAS is recognised as the leading independent Agency provider with a significant market share in Direct Lending. Deion is well known among this community and we are delighted to have him join us to support the team.”

 

GLAS has also made other recent hires to strengthen its sales and compliance teams.

For more information, please contact:
media@glas.agency

GLAS Team

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