Slaughter and May advised Non-Standard Finance plc on the refinancing of its existing debt facilities and the debt financing in relation to the acquisition of George Banco Limited

17 Aug 2017

Slaughter and May, working as a team with Paul, Weiss, Rifkind, Wharton & Garrison LLP, advised Non-Standard Finance plc (NSF or the Group) on the debt financing aspects of its £53,500,000 acquisition of George Banco Limited by NSF’s indirect subsidiary, Everyday Loans Limited (the Acquisition).

The financing consists of two new term loan facilities of £175,000,000 and £50,000,000 respectively, provided by a group of institutional investors led by Alcentra Limited, as well as a new £35,000,000 revolving credit facility provided by National Westminster Bank plc. In addition to funding the Acquisition, the amounts initially borrowed under the facilities have been applied towards refinancing all of the Group’s existing debt facilities, and additional drawings will be available to support the Group’s future growth and general corporate and working capital requirements.

NSF was established to acquire and operate non-standard consumer finance businesses and completed its IPO in February 2015. The Acquisition is NSF’s third major transaction since the IPO, having acquired S.D. Taylor Limited in August 2015 and Everyday Loans Holdings Limited in December 2015.

Contacts

Financing: Richard Jones (partner), Adrian Wilkes (associate), William Sharp (associate), Paul Roberton (trainee), Ellen Friend (trainee); Tax: Dominic Robertson (partner), Tom Gilliver (associate)

Paul, Weiss, Rifkind, Wharton & Garrison LLP: Mark Bergman (partner), Lyudmila Bondarenko (associate)


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