We first established a lending relationship with Biffa in May 2021, while the Company was still publicly listed. In September 2022, Biffa announced it would be taken private by Energy Capital Partners (“ECP”), a US-based infrastructure private equity fund. Following its takeover in January 2023, ECP desired to refinance the balance sheet.
In May 2023, we closed a transaction to refinance our existing £150 million Notes and upsize our holdings to £200 million to help finance the takeover. ECP and Biffa chose to work with us again given our relationship-based approach, flexibility in funding structure, investment appetite, and amenability during the refinancing process.
We are excited to extend our partnership with Biffa by providing long-term capital that supports both the Company’s and ECP’s goals. Our repeat investment reinforces our relationship-based approach, appetite to fund large hold sizes, and ability to offer tailored solutions.