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Firm acts for key account on £305 million refinancing deal

Date: 16/12/2010

Andrew Ivison

CMS Cameron McKenna LLP has advised John Laing, a long-standing client of the firm, on the refinancing of its existing banking facilities with a £305 million syndicated revolving credit facility and a package of ancillary facilities of up to £30 million in aggregate.

The refinancing, which reached financial close this week, was closely linked to the sale of a portfolio of 19 PFI assets to John Laing Infrastructure Fund (JLIF), a newly established listed infrastructure fund. CMS advised John Laing on the sale and JLIF's investment manager, John Laing Capital Management Limited, in relation to the IPO of JLIF on the Main Market of the London Stock Exchange.

As previously reported, the IPO completed on Monday 29 November, raising £270 million with the proceeds being used to acquire the portfolio from John Laing.

The CMS team comprised Banking partner Andrew Ivison and Katie Duffield advising on the refinancing, and Corporate partners Chris Southorn and Steve Mack advising on the sale and IPO.

Commenting on the transaction, Andrew Ivison says: “We were very pleased to have supported our long-standing client on this refinancing. It was quite a challenging transaction due to the inter-relation of a major refinancing, an asset sale and an IPO and within that, the need to co-ordinate several groups of lenders and their respective documentation and credit requirements to deliver the required and timely outcome.”

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Nicola Stokes
+44 (0)207 367 3495
nicola.stokes@cms-cmck.com

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