DC Advisory advises Last Mile Infrastructure on its £220m debt capital raise

Background

• Last Mile Infrastructure (Last Mile) is one of the UK's largest independent owners and operators of multi-utility networks. Last Mile designs, installs, adopts, owns and operates electricity, gas, heat, water and wastewater connections as well as providing smart meters to new build properties
• Infracapital has owned Last Mile since 2018 and recently agreed the sale of c. 50% to Macquarie Asset Management (MAM), subject to customary closing conditions

Process

• Having previously advised Infracapital on the acquisition in 2018 and debt refinancing in 2021 and c. 50% sale in 2023, DC Advisory was appointed as exclusive financial advisor to Last Mile for a debt capital raise
• DC Advisory leveraged its extensive knowledge of the Utilities Infrastructure sector to run a comprehensive financing process

Outcome

• DC Advisory delivered a successful outcome for Last Mile, arranging bank and PP facilities
• This transaction closed in July 2024
• The debt package was executed on competitive terms and intends to allow the continued execution of Last Mile's business plan and growth ambitions
• The transaction demonstrates DC Advisory’s ongoing expertise in the Utilities Infrastructure sector and strengthens the firm’s track-record in the UK Infrastructure Debt Advisory space