Air Energi secures £31m refinancing
AIR Energi, the Manchester-based recruitment firm specialising in the oil and gas sector, has agreed a refinancing deal with HSBC which will see the bank becoming its sole global banking partner.
The bank is providing an invoice discounting and core banking facility worth $50m (£31m) and on-the-ground support to Air Energi across its existing nine offices. The deal includes a £4m loan from HSBC in Qatar, CAD$5m in Canada, A$1.5m from HSBC Australia, $3m from HSBC Singapore and £1m from the bank’s Kazakhstan subsidiary.
An export invoice discounting line worth £16m has been provided by HSBC Invoice Finance in the UK.
Air Energi is majority-owned by Manchester-based Zeus Private Equity following a £30m buyout last year. The deal with HSBC doubles the size of its existing facility. The firm, which is led by executive chairman Ian Langley, is expecting its turnover to exceed £155m this year.
“Air Energi Group now operates in over fifty countries and so we need a bank that reflects our international reach,” said the company’s financial director, Ken McPherson.
Alan Rigby, HSBC’s North West head of corporate banking, described Air Energi as “an excellent example of a Manchester-based firm that has achieved success on a truly global level”.
