Pricoa has been a funding partner to Spirax since 2017. Since then, we have completed multiple transactions to support the Company’s M&A strategy and broader liquidity requirements. Notably in March 2018, we established our first Pricoa-Shelf Facility, which the Company drew in May 2020, with a renewal and upsizing of the Shelf in July 2021.
In Q4 2022 Spirax made two acquisitions, Vulcanic and Durex Industries. Given market volatility and the close relationship with Pricoa, Spirax approached us to access long-term funding quickly and efficiently to support the planned M&A.
In October 2022 we provided €140 million Senior Notes to anchor the PP funding package for the acquisition of Vulcanic. Following this we provided a further $92.5 million Senior Notes in December to partly fund the acquisition of Durex Industries and upsized our Revolving Shelf Facility to $475 million to give additional headroom to support Spirax’s future funding needs.
We continue to be a trusted partner for Spirax, who value i) our strong, supportive relationship, ii) our ability to provide efficient access to the private placement market in multiple currencies through the Shelf Facility, and iii) our ability to speak for significant funding amounts.