Catalyst and Lloyds involved in £42.5m refinancing deal

THE Birmingham offices of Lloyds Bank Commercial Banking and Catalyst Corporate Finance have supported and advised on a multi-million pound refinancing deal.

The bank has backed Netherlands-based Waterland Private Equity Investments on the refinancing of Ballast Phoenix to support its acquisition of the business from H2 Equity Partners and its ongoing growth.
 
The bank has supplied £25m towards a new senior debt package of £42.5m. Alberta Investment Management Corporation, one of Canada’s largest institutional investment managers, provided £17.5m.
 
Ballast Phoenix, based in Bourne, Lincolnshire, processes and recycles the ashes and metals produced by Energy from Waste plants during the incineration process. It creates sustainable aggregates and recycled metals, thus avoiding any requirement for the use of landfill.

The business has seen significant growth during the last 12 months, having secured a number of new long-term contracts the company will expand the number of recycling and ash processing plants from seven to 12 in the next 12 months. The business has embarked on the largest capital expenditure programme in its history and secured its position as the market and sustainable technology leader in the UK market.

In addition to the acquisition of Ballast Phoenix, Waterland also acquired Dutch firm Inashco in June this year. Waterland is also the owner of Attero, one of the leading EfW and recycling businesses in the Netherlands.

Catalyst led the refinancing process for Waterland, advising on the structuring, selection of the preferred funding partners and negotiation of the terms of the new facilities. Mark Wilson, Partner and Head of Waste & Renewables, and Andrew Shellard, Head of Debt Capital Markets, led the engagement for Catalyst.  

Wilson said, “We are extremely pleased to have supported Waterland and Ballast Phoenix in securing an innovative funding package to support the exciting growth prospects for the business.”

Martin Cordey, Director at Lloyds Bank Commercial Banking, said: “We have a long-term relationship with Ballast Phoenix and have been impressed by the business’ growth and ambition over the last year.

“EfW is a good alternative energy source and the business has positioned itself as the UK’s market leader of EfW materials recycling.”