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Hogan Lovells Advises WT Burden Limited on Corporate Refinancing

01 March 2012

LONDON, 1 March 2012 - Hogan Lovells advised WT Burdens Limited (Burdens) on the successful refinancing of its funding capital in a transaction announced on 28 February 2012.

Burdens is a UK based family and employee owned business which provides products and logistical support for civil engineering projects in the utilities, infrastructure, construction and environmental sectors.

Burdens worked with investment company a2e Venture Catalysts to secure a refinancing of its facilities moving from its existing provider, arranging a composite £81m loan facility, of which £65m was provided by GE Capital and £16m by Lloyds Banking Group. Additional clearing facilities were provided by Co-Op Bank.

This is the second financing in the infrastructure sector on which Hogan Lovells has advised in recent months, having acted on the successful financial close of the £600m Nottingham Express Transit (NET) Phase 2 PFI Project in December 2011, as legal adviser to a bank group providing senior debt funding for the Project - The Royal Bank of Scotland plc (RBS), Banco Bilbao Vizcaya Argentaria, S.A (BBVA), Crédit Agricole CIB, The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU) and The European Investment Bank.

The Hogan Lovells team advising Burdens was led by Co-Head of private equity Alan Greenough, supported by banking Of Counsel Jo Robinson and associate Paul Tannenbaum, and planning Of Counsel Clare Fallows.

Commenting on the transaction, Alan said:

"We are pleased to have advised Burdens on this important refinancing which will allow our client to implement the next phase of its strategic development with supportive funding partners."

Jeremy Burden, CEO, Burdens, added:

"With future growth anticipated, we wanted to choose both legal advisers and funding partners that would understand our unique business model and provide the necessary support to us as opposed to hindering our progress. We are delighted that with the support of Hogan Lovells, GE, Co-Op and Lloyd’s we have been able to achieve our corporate goals."

 
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