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BORROWING BASE FACILITY
EUR300 million / 1-year committed
(The Netherlands - Metal Recycling Group)
Lenders - syndicate of 16 banks
Finance Adviser - Cofarco SAS
February 2013
Cofarco advises Ecore on €300 million borrowing base facility

Acting as an independent advisor, Cofarco provided financial counsel to leading recycling group Ecore on the renewal of a committed secured borrowing base facility, expanding the amount from €216 million to €300 million. Syndication of the facility successfully closed on 28 February 2013. The facility renewal was initially launched for €250 million, but was oversubscribed at €415.5 million thanks to healthy bank appetite. The amount of financing was subsequently scaled back; overall some sixteen banks – including seven new to the facility − committed €300 million of financing.

 

Under the mandate granted by Ecore in September 2012, Cofarco was responsible for:

 

  • Reviewing existing financing arrangements and the projected funding needs;
  • Finding alternative funding sources and targeting suitable specialised lenders;
  • Advising on the terms and conditions of the facility renewal; and
  • Helping Ecore draft a pre-syndication teaser and approach all targeted new lenders ahead of the syndication’s official launch.

Established in 1993 and headquartered in Amsterdam, Ecore provides end-to-end recycling management services for manufacturing companies and regional and municipal governments. Its network of more than 100 recycling yards spans across Europe. With its grassroots in France through Guy Dauphin Environnement, Ecore has progressively expanded its footprint in Europe through a series of strategic acquisitions. The company is also active in China and in India, where it has set up a joint venture with physical commodities trader Trafigura. Ecore is a recognised European leader in turnkey recycling services with significant market share in every country where it operates.