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A&O advises on GBP2.815bn refinancing for Viridor

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Annette Kurdian

Partner

London

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James Ashcroft

Senior Associate

London

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Susanna Robinson

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31 January 2022

A&O has advised more than twenty lenders to Viridor, which is controlled by funds advised by KKR, in connection with the loan facilities provided as part of its refinancing transactions.

Viridor is one of the UK’s leading recycling, resource and waste management companies. Viridor operates 11 energy from waste facilities across the UK and a leading polymers plastics recycling business.

The financing comprises GBP1.585 billion of privately placed 2.9% Senior Secured Notes due 2043, a GBP900 million term loan facility with an amortizing and fixed rate tranche, a GBP65mn revolving credit facility and a GBP65mn debt service reserve facility. The proceeds were used to repay existing financial indebtedness. A GBP200mn revolving credit facility was also put in place to provide liquidity for the wider Viridor group.

The A&O team was led by partner Annette Kurdian with senior associate James Ashcroft, associate Jeane Benny, associate Simba Gonodo and trainee Khush Kotecha.