Squire Patton Boggs has advised Polypipe Group plc, a leading provider of sustainable water and climate management solutions for the built environment, on:
- (a) A new committed 12 month £50 million revolving credit facility, which operates alongside its existing £300 million revolving credit facility which is committed through to November 2023, leaving the Group with £350 million of total revolving credit facilities committed for the next 12 months (Revolving Credit Facilities)
- (b) The establishment of a £100 million Euro-commercial paper programme (ECP Programme)
A financial services team led by partners Matthew Ingram and Mark Thomas, assisted by associates Bryony Sen and John-Michael Chidwick, acted for Polypipe Group plc in connection with the Revolving Credit Facilities and the establishment of the ECP Programme.
Designed to launch on completion of the Revolving Credit Facilities and the establishment of the ECP Programme, a Squire Patton Boggs capital markets team, led by Corporate Practice partners Andrew Glaze and James McKay, legal director Louise Barber and senior associate Hannah Crosland, also acted for Polypipe Group plc on a cash box placing to raise total gross proceeds of approximately £120 million through placing of new ordinary shares in Polypipe Group plc.
The ECP Programme was initially established without any public rating from a third party ratings agency, in response to the UK government’s initiatives designed to help UK businesses with regard to the COVID-19 pandemic, details of which were published jointly by H.M. Treasury and the Bank of England on 23 March 2020.
Paul James, Chief Financial Officer of Polypipe Group plc, commented:
"We completed a successful funding exercise in a short space of time to ensure Polypipe Group plc was in a strong position to cope with the current Covid-19 crisis. We were impressed with the team at Squire Patton Boggs being able to work quickly under pressure, giving insightful advice combined with good commercial sense".
Founded in 1980, Polypipe is one of Europe's largest manufacturers of piping systems, water and climate management systems. The company has been listed on the London Stock Exchange since 2014.