Slaughter and May advised Workspace Group plc ('Workspace'), London's leading provider of office space to new and growing companies, on the agreement of a debt refinancing package.

The refinancing, which was announced on 11 June 2013, provides Workspace with approximately £352.5 million of new unsecured committed loans or facilities to 2018, with some facilities extending as far as 2023. The package comprises a new £150 million committed bank facility provided by Workspace's core relationship banks; new £157.5 million US private placement notes, with £9 million due in 2020 and the balance due in 2023; and a new £45 million term loan provided by a UK fund.

The refinancing extends the weighted average maturity of Workspace's debt at 31 March 2013 from 2.9 years to 7.8 years and marks a shift to unsecured facilities, providing greater operational flexibility for the group.

CONTACTS

Financing: Mark Dwyer (partner), Aaron Ferner (associate), Adrian Wilkes (associate); Tax: Mike Lane (partner), Michael Ringer (associate)

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