Background:

  • MapleCo is backed by Ontario Municipal Employees Retirement System (OMERS), Ontario Teachers' Pension Plan (OTPP) and SSE plc (SSE) (together, the Shareholders)
  • MapleCo acts as a Meter Asset Provider (MAP) by funding the purchase and installation of smart gas and electricity meters
  • MapleCo has quickly established itself as a strong developmental platform and a key contributor to the UK Government’s 2024 target of c.53m smart meter installations
  • MapleCo has reached an agreement to fund the purchase and installation of a large portfolio of smart meters which will be deployed from early Q2 2020 onwards to customers of a ‘Big Five’ energy supplier
  • SGN Smart provides management services and resources to MapleCo
  • DC Advisory (DC) has a strong relationship with MapleCo and its shareholders, having previously advised on:
    • Securing financing for Tranche 1 in 2017; and
    • The amendment and restatement of Tranche 1’s debt facilities in 2019.

Process:

  • DC was mandated to provide debt advisory services to MapleCo and its Shareholders
  • DC’s work throughout the transaction included:
    • Extensive financial modelling;
    • Due diligence;
    • Debt advice; and
    • Process management between a club of lenders.
  • DC also ran a very focused debt funding project finance process to ensure the best possible terms were obtained

Outcome:

  • DC delivered a highly attractive and flexible debt package which was a fundamental element to the success of the overall transaction

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