Debt package agreed for private equity-backed Solihull firm
Private equity-backed Solihull firm Phoebus Software has raised new debt facilities as part of a planned refinance.
The move follows the MBO at the loan and savings management software developer, which completed in June.
Senior debt and working capital facilities were provided by the Midlands office of Clydesdale and Yorkshire Bank’s Corporate and Structured Finance team, led by Sunil Prabhaker and Ian Howey.
Following on from its lead role advising NorthEdge on the buy-out, Paul Ambrose and Jack Browne at Cooper Parry Corporate Finance advised on the debt raise.
Alison Davidson-Cox and Andrew Madden of Gateley provided legal advice to Clydesdale and Yorkshire Bank, while David Varham led the banking legal team at Mills & Reeve which supported Northedge.
Sunil Prabhaker, director, corporate and structured finance at Clydesdale and Yorkshire Bank, said: “We are delighted to support NorthEdge with the refinance, and this latest transaction adds to a list of strong performing businesses within NorthEdge’s portfolio that have been funded by our Bank across the Midlands region.
“PSL is a well-established business with a strong track-record of delivering for its customers, and we wish the management team and NorthEdge every success in adding to the solid platform that has been developed.”
George Potts, investment director at NorthEdge, said: “We are delighted to have secured support from a trusted, local partner in Clydesdale and Yorkshire Bank’s Midlands team. Together, we look forward to continuing to support investment in PSL’s technology, people and customer relationships.”
