International law firm Ashurst advised FCC Environment (UK) Limited ("FCC"), the UK subsidiary of Spanish construction company Fomento de Construcciones y Contratas, S.A., on the £207 million restructuring and refinancing of two operational energy from waste facilities in the UK. FCC focuses on the collection, treatment and processing of waste in the UK.

The new secured senior debt is comprised of a fixed rate commercial facility and a private placement facility with fixed and floating tranches, each with a 20 year term. FCC understands this is the first investment grade financing of energy from waste plants in the UK. The refinancing funds are to be applied in the repayment of existing short terms loans and the restructuring and expansion of the two energy from waste facilities located in Nottingham city centre and in Maidstone, Kent.

The Ashurst team was led by partners Paddy Boyle and Nick Stalbow, with support from associates Zeina Talhouni, Bader Thabti and Mohsin Shafi, and trainees Alice Rosenthal-Erickson and Jasmin O'Reilly. Crédit Agricole Corporate and Investment Bank acted as financial advisor and arranger.

Partner Paddy Boyle commented:

"We were delighted to assist FCC on this investment grade refinancing which recognises the strength of FCC's energy from waste business in the UK".