The Close Brothers European Debt Advisory Group has advised Accord plc on arranging £35 million of new bank facilities to refinance the company’s existing indebtedness, including preference shares and warrants, and to make a contribution into Accord’s defined benefit pension scheme. The new facilities were arranged and fully underwritten by HSBC Bank plc.
Accord is a leading provider of public services in the UK. Headquartered in Hertfordshire, it was formed in 1999 following demerger of the John Doyle Group and is independently owned and managed. Accord’s operations include highways, housing, environmental and business services. Key partners include local authorities, the Highways Agency and housing associations. Accord employs over 3,000 people across its four business divisions and in the year to 30 June 2006 had turnover of £287 million.
Commenting on the transaction Fenton Burgin, a Director in the European Debt Advisory Group, said:
"We were delighted to work with one of the most exciting companies in the public services sector. Accord has taken advantage of the highly competitive debt markets and has successfully refinanced its existing debt facilities to enable it to gain additional flexibility and a more efficient capital structure."
Adam Shutkever, Chief Financial Officer of Accord, noted:
“The experience of the Close Brothers team and its independent advice was invaluable in what was a resource intensive refinancing. We have achieved all of our objectives for the new capital structure and are delighted to be working with HSBC.”
To find out more about the European Debt Advisory Group and how we can help your company, please contact Jonathan Trower, Fenton Burgin, Daniel Morland or Simon Tilley on +44 (0)20 7655 3100