Taylor Wessing advises on Avery Weigh-Tronix's £43 million refinancing and restructuring

12-Jan-2005  |  Banking & Finance, Corporate, Projects, Real Estate
 

Taylor Wessing advised the Avery Weigh-Tronix group in relation to the refinancing of its existing debt facilities.  At the same time, Taylor Wessing advised in respect of the group's global restructuring designed to effect a more tax-efficient alignment between revenue flows and debt service expense.

Taylor Wessing has acted for the Avery Weigh-Tronix group since it was formed as a result of an MBO out of Staveley Industries plc in 1998.  The refinancing saw the group's original banking syndicate, led by Fleet National Bank (now part of Bank of America), being fully paid out and replaced by a syndicate of banks led by Royal Bank of Scotland (Corporate & Structured Finance Unit).

Jerry Bowe, the CEO of the Avery Weigh-Tronix group, said:

"This transaction is a significant event in the development of the Avery Weigh-Tronix group.  As a result of our cross-border operations, our financing arrangements involve many different jurisdictions and Taylor Wessing did a great job for us not only in helping us negotiate the financing deal, but in pulling together all the necessary international aspects."

Paul Webb, corporate partner at Taylor Wessing, said:

"The deal was led from our London office, but also involved our Düsseldorf and Paris offices on the cross-border aspects of the credit arrangements and the restructuring.  We are delighted to have represented the Avery Weigh-Tronix group in this significant financing and structuring development."

The Taylor Wessing team comprised Paul Webb, Matthew Stratton, Sara Bradbury and Kate James (Corporate), Dominic Ross, Marcus Earnshaw, Martin Yells, Annelies Stevens and Brandusa Tataru-Marinescu (Finance & Projects), Paul Lawrence, Alison Hamilton and Harriet Gold (Real Estate). 

Taylor Wessing teams in Düsseldorf and Paris were led by Hartwig Schroer and Pascal Roux respectively.

The Avery Weigh-Tronix group was also advised by Weil Gotshal & Manges (US), Baxter Harris Neonakis (Canada), Van Doorne (Holland), Mason Hayes & Curran (Ireland), Shepherd & Wedderburn (Scotland) and Carey Olsen (Guernsey).

Pinsent Mason advised the Royal Bank of Scotland.