ESP Utilities Group (“ESP”) is an independent regulated infrastructure business involved in the ownership, operation and maintenance of gas networks (and related meters) as well as electricity networks.
DC Advisory ("DC") was engaged by EISER to provide debt advice on the refinancing of ESP’s senior and junior facilities in addition to restructuring its existing long-dated index-linked and interest rate swap portfolio.
DC engaged various sources of liquidity across a number of detailed work streams, including: financial modelling; due diligence; debt and swap structuring as well as full documentation negotiation.
DC delivered a successful outcome which met the company’s refinancing objective.
New senior liquidity was brought in as well as three new hedge counterparties, in addition to attracting private debt fund liquidity into the junior tranche.
EISER completed the transaction on 26 February 2015.