Walkers’ Jersey and Cayman offices advise the Biffa group on £1 billion recapitalisation
22 Feb, 2013
Jersey and Cayman based lawyers working for leading international financial law firm Walkers have acted as legal advisers for the Biffa Group on its £1bn recapitalisation. Biffa is a leading UK nationwide integrated waste management business.
The transaction has seen, Biffa’s capital structure substantially strengthened, with the firm’s total debt being reduced by 55%, accompanied by an injection of £75m in new money. This has enabled the business to prepare a comprehensive plan for investment worth £250 million over the next five years.
The Jersey aspects of the transaction involved, amongst other things, the establishment of three Jersey holding companies, one of which is the new topco within the structure and one whose shares were issued to the scheme creditors at completion. In addition to this and (among entering into other finance documents) two of the new Jersey companies acceded to an amended and restated senior facilities agreement as additional borrower and guarantor. Jersey legal advice was provided by Walkers in relation to the security taken over assets held by each of the Jersey companies.
The Cayman legal advice provided by the Firm was in respect of Cayman Islands law governed security taken over assets held by the companies.
The High Court approved the UK scheme of arrangement on 28 January 2013 which enabled the recapitalisation announced on 29 November 2012 to be successfully implemented. All senior and junior secured creditors approved the scheme of arrangement.
The Walkers Jersey legal team comprised of Jonathan Heaney, Alex Carus and Christophe Kalinauckas. The Walkers Cayman legal team comprised of Rob Jackson and Zoe Hallam.
Jonathan Heaney, partner with Walkers’ Jersey office said: “We were delighted to be able to assist the Biffa Group on this complex recapitalization, which shows Walkers’ capabilities across jurisdictions.”