Senior debt package totals £63 million
London, 24th May, 2012: GE Capital, one of Europe's leading providers of leveraged finance for mid-market private equity backed transactions, has acted alongside two other lenders as Mandated Lead Arranger (MLA) of the senior debt package facilitating the refinancing of Notemachine.
GE Capital worked with Barclays and European Capital on the debt package which refinanced the businesses existing debt facilities and provided new committed facilities to fund the future roll-out or acquisition of additional ATMs. The refinancing completed on 23rd April 2012 with senior debt facilities totalling £63 million. Notemachine's leverage on closing was in the region of 3.7x EBITDA.
Notemachine is owned by UK private equity firm Rutland Partners, which first invested in the business in September 2006 through the take-private of Scott Tod PLC. At this time the business had an installed base of approximately 2,000 ATMs. Today Notemachine has an estate of over 7,000 cash machines and offers a range of outsourcing solutions to financial institutions and other ATM providers. With a total of 12 million customer transactions every month, it supplies approximately £5 billion of cash every year.
Paul Scott, Chief Investment Officer & Head of Sponsor Coverage at GE Capital EMEA, said: "Since the initial investment by Rutland Partners, Notemachine has grown both on an organic basis and through acquisition. As a leading independent provider of ATM's in the UK the company is well placed to grow and we are delighted to be able to provide a new financing package to help the business achieve its future growth objectives."
GE Capital has a leveraged loan portfolio in excess of €5 billion across EMEA covering 160 companies in the region. The firm has been lead arranger of over 30 deals in the last 18 months, including Notemachine, and has a strong pipeline in place for the year ahead. The refinancing was led on behalf of GE Capital by Dan Matthews, Galina Markova, Sana Ayub-Shah and Liam Jacobs.
Michael Goodbody
GE Capital EMEA
michael.goodbody@ge.com
+44-207-302-6269
+44-7899-808-239