Cains has advised the lending banks and security agent on the debt refinancing and new loan facilities of Strix Group PLC (“Strix”), the AIM listed Isle of Man incorporated company.
The debt refinancing included a new facility and consisted of a refinance of the current £80 million revolving credit facility as well as a new £49 million amortising term loan (the “Financing”). The Financing was put in place in connection with Strix’s £38 million acquisition of Billi, a leading Australian brand supplying premium filtered and non-filtered instant boiling, chilled and sparkling water systems. Strix announced the debt package to the markets on 5 October 2022, at the same time as announcing its related equity placing.
The Cains team, which was led by Scott Leonard-Morgan with assistance from Holly McGarrigle, worked in conjunction with Eversheds Sutherlands in representing the lending banks and security agent.
Commenting on the transaction, Scott said: “We are delighted to have been able to assist the lenders and security agent with the Strix financing. Cains’ banking and capital markets team consistently demonstrates strength and depth of experience while working on these time sensitive transactions and we wish the Strix group all the best with its continued growth plans.”
