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Centrus advises North West Electricity Networks on successful £305m refinancing via UK/US Private Placement

On 8th October, North West Electricity Networks, the owner of the North West England based electricity distribution network operator priced a combined £305m UK and US private placement. A total of 7 US and 4 UK institutions participated in a series of 15 year fixed rate and 20 year index-linked sterling placements with significant elements of deferred funding.

Centrus provided financial advice to North West Electricity Networks covering the implementation of a hedging programme for the refinancing, changes to the whole business securitisation financing platform documentation, the implementation of back-stop banking facilities and the choice and implementation of the chosen financing solution.

Partner Geoff Knight, who led on the transaction for Centrus commented, “we are pleased to have been associated with delivering such a highly successful transaction and congratulate the Company and other parties involved. This exercise drew upon our expertise across banking, debt capital markets and derivatives and underlines the firm’s growing reputation in infrastructure debt advisory”.

Rob O’Malley, Head of Treasury and Investor Relations at North West Electricity Networks said “Centrus supported the delivery of this successful refinancing project from initial planning to completion. They became a seamless part of our delivery team, and supported management by providing impartial, expert advice at the key phases of the transaction”.