SJB acts alongside magic circle duo on €45m private equity refinancing
A trio of City firms have taken lead roles on the refinancing of European payment network, Payzone. The deal saw private equity investor Duke Street inject €45m (£39m) into Ireland-based Payzone, giving the buyout house a controlling stake in the business. The deal also involved a syndicate of lending banks taking a 16% stake in Payzone, with the overall restructuring seeing the total amount of debt owed to the syndicate reducing from €320m (£278m) to €82m (£71m).
February 17, 2010 at 07:04 PM
2 minute read
A trio of City firms have taken lead roles on the refinancing of European payment network, Payzone.
The deal saw private equity investor Duke Street inject €45m (£39m) into Ireland-based Payzone, giving the buyout house a controlling stake in the business. The deal also involved a syndicate of lending banks taking a 16% stake in Payzone, with the overall restructuring seeing the total amount of debt owed to the syndicate reducing from €320m (£278m) to €82m (£71m).
Duke Street instructed top 20 City firm SJ Berwin, with the banks turning to Allen & Overy (A&O), while magic circle rival Freshfields Bruckhaus Deringer took the lead for Payzone.
SJ Berwin's team for Duke Street was led by private equity partner Tim Wright, who worked alongside corporate finance partner Ed Harris.
A&O's team advising the bank syndicate – reported to include AIB and Royal Bank of Scotland – was led by City banking partner trio Trevor Borthwick, Katrina Buckley and Gillian Holgate, who worked with corporate partner Derek Baird. Meanwhile, Freshfields floated a team led by London banking partner Tazim Hall.
The restructuring also handed roles to Irish law firms Matheson Ormsby Prentice and William Fry, which advised Payzone and Duke Street respectively.
The restructuring will see Payzone de-list from London's Alternative Investment Market (AIM), with the deal still subject to competition clearance in Ireland and Germany.
Harris said: "There have not been a large number of buyouts in the last 18 months. It was great to be part of a deal with an interesting restructuring as well as AIM and private equity angles."
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