Global law firm Ashurst has advised the lenders on a new £80 million syndicated revolving credit facility for Wickes Group plc.
The new facility has been put in place for the Wickes Group’s general corporate purposes in connection with its demerger from Travis Perkins.
Travis Perkins initially announced its intention to demerge Wickes in July 2019, but had placed the process on hold in March 2020 as a result of the level of uncertainty around the impact of the COVID-19 pandemic. With the Travis Perkins Group and Wickes having demonstrated the resilience of their operating models through 2020, it was announced in March 2021 that the process would recommence.
The new facility will be available for drawing in sterling, US dollars and euro. The interest rate for sterling and US dollar loans will use compounded SONIA and compounded SOFR mechanics, respectively, with euro drawings made on a EURIBOR basis.
The facility is provided by Barclays Bank PLC, BNP Paribas, National Westminster Bank plc and The Governor and Company of the Bank of Ireland.
The Ashurst team was led by London global loans partner Nicholas Moore, supported by senior associate Darren Phelan.