Linklaters has advised the leading banks as Dutch energy-from-waste and water treatment facility operator AVR-Afvalverwerking B.V. establishes a structured secured debt issuance platform pursuant to which AVR has raised €130,000,000 of senior term and revolving credit facilities from its relationship lenders, US$75,000,000, £16,000,000 and €197,000,000 of US private placement notes and €23,000,000 of institutional term debt by way of a European private placement. The senior debt has been rated BBB+ by Fitch and is supported by a 5-year dedicated liquidity facility.
The deal has provided AVR with deep access to the well established US and burgeoning European Private Placement markets, and demonstrates that the structuring and legal technology that has been successfully employed for a large number of UK utility and infrastructure businesses can be successfully exported to Europe despite the differing legal regimes and generally less creditor-friendly insolvency regimes.
The Linklaters team was led by Structured Finance partner Julian Davies and managing associate Reza Taylor.
Source: www.linklaters.com
