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AlixPartners Delivers Asset Based Lending Facility For The Acquisition Of British Steel PDF Print E-mail
Tuesday, 21 June 2016
AlixPartners Corporate Finance Limited (“AlixPartners”), the global business advisory firm, announces that it has recently completed a debt advisory assignment for the acquisition of British Steel (formerly part of Tata Steel UK), the market-leading UK steel business, headquartered in Scunthorpe.

The newly recreated British Steel’s operations include end-to-end steel production in Scunthorpe, rolling mills in the North East of England and France, distribution facilities and a rail consultancy business. Funds advised by Greybull Capital LLP completed the acquisition of British Steel long products business from Tata Steel UK on Tuesday 31 May 2016.

Following a competitive and complex debt raising process managed by AlixPartners, British Steel secured a GBP 150 million multi-asset Asset Based Lending (ABL) facility provided by PNC Business Credit. AlixPartners also provided transaction support and corporate turnaround & restructuring services (TRS) in the acquisition of British Steel.

Jacco Brouwer, Head of Debt Advisory for AlixPartners, commented: “We are delighted to have helped Greybull and management raise a large ABL debt facility, which provides the company with ample working capital liquidity to complete its turnaround and head for a profitable future as the standalone British Steel. This transaction further establishes our strong advisory position in the ABL market, alongside our leveraged debt raising capabilities for private equity and corporate clients.”

Marc Meyohas, Partner, Greybull Capital, added: “We are delighted with the support we received from AlixPartners on this key project. The quality of work performed and sound advice provided throughout was first class. It was a high profile assignment under tight timelines and AlixPartners admirably met the various challenges encountered during the process. We are grateful to have chosen AlixPartners as our partner on this project and will do so again in the future.”

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