ATM business Notemachine, owned by turnaround private equity investor Rutland Partners, has managed to arrange a £63m (€78.6m) refinancing package.
Mandated lead arranger GE Capital was joined by Barclays and European Capital, who put up debt to refinance existing facilities and new money to support the rollout of more ATMs.
Notemachine’s leverage on closing was in the region of 3.7x Ebitda.
Rutland bought Notemachine in 2006 by delisting Scott Tod, which at the time had 2,000 ATMs. This has now grown to 7,000 machines supplying £5bn in cash annually.
Liquidity constraints and the ongoing Greek crisis have put the brakes on lending.
Some €2.5bn in UK leveraged loans were advanced in Q1. This is down from the €2.9bn issued in the same quarter last year and vastly down from the €4.5bn lent in Q2 2011, according to LCD Comps data.
Where companies are unable to refinance they are turning to their existing lenders and asking for amendments on terms to push back maturities.
But with primary issuance down, banks are becoming increasingly demanding over fees and margins on amend-to-extend arrangements.
A recent report from Fitch Ratings showed that risks associated with the inability to refinance loans before they fall due will increase in the coming months, with Europe of particular concern.