Riverside Group Lender Renegotiation and Derivative Restructuring
Centrus was appointed by Riverside to provide support in the development of a negotiating strategy with multiple lenders in order to align financial covenants and to support the Group’s future growth strategy. In order to provide a clear and transparent means of evaluating the NPV cost of the different re-structuring options through the course of the negotiation, Centrus established an agreed benchmarking methodology with Riverside. The bank renegotiations also involved a complex derivative restructuring including the removal of callable options from existing swaps and the benchmarking, negotiation and execution of the agreed transactions. The partial repayment of loans together with new funding requirements led to a highly successful debut sterling market bond issue by Riverside. This assignment offers a clear demonstration of the breadth of advice that Centrus is able to offer clients right across the debt and treasury spectrum and achieved a very positive outcome for Riverside.