DC Advisory advised MapleCo and its shareholders on the amendment and restatement of MapleCo’s existing debt facilities

Background:

• MapleCo is backed by OMERS Administration Corporation (OMERS), Ontario Teachers' Pension Plan (OTPP) and SSE plc (SSE) (the shareholders)
• MapleCo acts as a meter asset provider (MAP) by funding the purchase and installation of smart gas and electricity meters
• Tranche 1 of MapleCo’s smart meter roll out (MapleCo1) comprises of well over a million smart meters in the UK
• The smart meters have and are being rolled out to the customers of SSE’s retail supply businesses: Southern Electric Gas Limited (SEGL) and SSE Electricity Ltd (SSE EL)
• SGN Smart provides management services and resources to MapleCo
• In 2017, DC Advisory (DC) advised MapleCo and its shareholders in securing financing for MapleCo1

Process:

• DC was mandated to provide debt advisory services and project management to MapleCo and its shareholders
• DC was heavily involved in the negotiating the amended facilities agreement, as well as advising on amendments to the other key project documentation processes, including MAP and Meter Manufacturers Agreements
• DC’s work throughout the transaction included extensive financial modelling, key contracts negotiation, due diligence, debt advice and process management between a large club of existing lenders
• DC ran a short debt amendment process with all existing lenders in the club
• DC also arranged a re-profiled interest rate swap in a very tight timeframe which was a key condition to the amendments

Outcome:

• DC assisted in successfully amending the existing facilities and re-profiling the existing hedge both at highly competitive terms
• DC managed to retain all the existing lenders and closed the process in a very short timeframe