On 29 January Shere closed a €114m group refinancing, with two wholly owned subsidiaries of Shere Group Limited being the borrowers under the new facilities. The new senior debt facilities comprise of:
- a €41m facility used to refinance existing debt;
- a £10m facility used to refinance existing debt; and
- a multicurrency (£ and €) facility of up to €59m, to be used to finance acquisitions.
The new facilities have a contractual maturity of 31 December 2027 and significantly extend the maturity profile of Shere’s external financing.
The financing has been provided by Rabobank, who have been a lender to Shere since 2012, and Aviva Investors, the global asset management business of Aviva plc.
The refinancing represents an important step in Arcus’s strategy for the Shere business and is a significant milestone for Shere in providing it with a committed source of financing to fund its future growth and the continued development of the business.
Both Arcus and Shere are very happy with the new financing and look forward to working with both Rabobank and Aviva Investors in the coming years.
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.