London, 14 October, 2011 - EISER Infrastructure Partners (“EISER”), an independent infrastructure fund manager managing assets with an enterprise value of over EUR 3 billion, has announced the successful refinancing of the debt facilities for its 100% owned ESP group of companies (ESP).
The transaction included refinancing of c. £133m of senior debt and £28m of junior debt, extending their maturities by 4 years to October 2015. This includes an appropriate capex facility which has been made available to the company by its banks, which alongside a follow on undisclosed equity investment from EISER will allow the company to pursue its capex plan over the next few years. In addition, the transaction involved the successful restructuring of the swaps package arranged at acquisition time a few years ago.
Wael Elkhouly, Head of Asset Management at EISER, said:
“In spite of the very turbulent markets and constrained lending environment, we are pleased that we have been able to successfully conclude this transaction. ESP is an attractive business for us given its long term, regulated nature and this transaction means that the business is well positioned for further growth over the next few years.”
ESP is the third largest independent gas transportation (“iGT”) business in the UK. It owns and maintains the ‘last mile’ of gas pipelines connecting predominantly to domestic properties but also to industrial & commercial developments. Since the acquisition by EISER in 2006, ESP has expanded its focus beyond the existing housing sector to establish a significant presence in the New Housing market. ESP now owns over 250,000 gas connections spread across Great Britain together with a substantial order book. In addition, in 2008, ESP also expanded its services to offer electricity connections, which means that it can now offer dual fuel services to its customers. ESP is continuing to grow its activities in the electricity market, currently owning over 4000 electricity connections.
EISER Infrastructure Partners LLP (“EISER”) is an independent equity fund manager with a focus on achieving client satisfaction by pursuing intelligent infrastructure investments. EISER’s independence enables it to remain flexible and focused on building positive relationships with investors, end users and partners, keeping their interests in mind at all times and putting them first.
EISER’s debut fund, EISER Global Infrastructure Fund, was set up in 2005 with EUR 1.1 billion of capital commitments. The Fund is now fully invested with a diversified portfolio of 11 operating and development investments which have a combined enterprise value exceeding EUR 3 billion. EISER completed a management buyout from BNP Paribas in January 2010.
EISER ‘s legal council is Linklaters, its Auditor is Ernst & Young and its Fund administrator is Augentius.