Cory Riverside Energy unveils debt refinancing

Written by: Editorial staff | Published:

Cory Riverside Energy, the UK-based resource management, recycling, and energy recovery specialist, has announced the completion of a £520m debt-refinancing package for its Riverside Energy from Waste (EfW) plant in Belvedere, East London.

According to Cory Riverside Energy, existing senior term debt was refinanced with a £420.5m multi-tranche senior facility and a £98m junior facility.

The refinancing has been structured as a hybrid, and includes both infrastructure-focused banks and well-known institutional lenders. Highlights include:

  • £322.5m 7-year amortising senior term loan, including both banks and institutions
  • £98m 13-year amortising senior institutional facility
  • £98m 7.5-year junior facility
  • Yielding structure that removes the cash sweep from the original debt package.

Nicholas Pollard, CEO of Cory Riverside Energy, said: “This refinancing and the make-up of our new lenders marks the culmination of the plan agreed with our shareholders 15 months ago, and completes the restructuring of the business. Our financial structure now reflects the operational structure, with a simplified business and removal of historic risk.

“Our Riverside facility and infrastructure is unique in the sector, with an exemplary operational track record. It has been reliably operating at capacity since day one, and has the benefit of long-term contracts and indexed gate fees. We've had another record year, with 12 months of operating at a new, higher capacity. This refinancing is an exciting opportunity for us to focus on future growth and to develop the business even further.”

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