Weil Advises Zenith on Credit Facilities Refinancing
International law firm Weil, Gotshal & Manges advised leading fleet management and vehicle outsourcing provider, Zenith, on the refinancing of its senior credit facilities and associated securitization financing.
The refinancing is the result of a rapid deleveraging of Zenith’s business over the last three years, following the acquisition by Morgan Stanley Global Private Equity (MSGPE) of a stake in the company in 2010. As a result of the refinancing, Zenith’s improved capital structure positions it favorably to pursue future strategic growth opportunities.
The team was led by Structured Finance partner Rupert Wall together with Banking partner James Hogben, with assistance from associates Georgina Wilson, Natalie Dyce and Emma Robinson. Weil has advised Zenith on its financing structure since MSGPE’s acquisition of a controlling stake in the company in 2010. In 2011 Weil’s Structured Finance team helped Zenith establish an innovative fleet financing structure, utilizing ABL and asset-backed commercial paper conduit financing, for which the Structured Finance team was nominated for British Legal Awards’ Finance Team of the Year.
Mark Phillips, CFO for Zenith, said, “This was an extremely complex and technical refinancing as the new facilities had to sit alongside well in excess of £0.5bn [$804 million] of asset finance facilities. Weil have advised the company on all of our banking and financing arrangements since the acquisition of the business by MSGPE, including the ground breaking securitization program in 2011. Yet again, the Weil team led by Rupert Wall and James Hogben were outstanding and clearly demonstrated why they are ranked as one of the leading finance teams in the country”.
Structured Finance partner Rupert Wall commented “We have worked in partnership with MSGPE and Zenith on their financing structures for a number of years now and are delighted to have been able to help their continued growth with this latest refinancing.”
Weil’s Structured Finance team has been increasingly active in the auto-lease, loan and fleet financing securitization sectors over the last few years, acting for a variety of originators and arrangers on both public and private deals in both the UK and the US and is acknowledged as a leading firm in the auto securitization sector, with stand-out securitization practices on both sides of the Atlantic.