Wragge Lawrence Graham & Co's Banking and Finance sector has advised Harworth Estates Property Group Limited on its £65 million refinancing of its group banking facilities.

The company's new revolving facility with The Royal Bank of Scotland plc (RBS) creates a senior financing platform on more appropriate commercial terms to the business, allowing it to progress its objectives in developing its strategic sites across the North of England and the Midlands.

Wragge Lawrence Graham & Co's Banking and Finance team has been providing legal advice to longstanding client Harworth Estates in relation to finance issues since 2013, when it advised the group in relation to the restructure of the former UK Coal. As a result of their continuing relationship with the Harworth Estates team, partner Julian Pallett and principal associate Ed Hall were appointed to act in relation to the RBS refinancing.

The refinancing had to be completed prior to Coalfield Resources plc acquiring 71.5% of Harworth Estates in a separate deal. This meant a challenging deadline of just two weeks to complete the refinancing. Julian and Ed advised Harworth Estates on its new financing arrangements with RBS and project managed the completion process, which included repayment of two existing lenders and renegotiating priority agreements with a number of third party stakeholders.

Ian Ball, Director of Asset Management at Harworth Estates, said: "Both Julian and Ed did a brilliant job in working closely with us and other parties to complete this key milestone for our business. This deal is critical in order for the business to drive further stakeholder value from both its existing real estate portfolio and the wider real estate markets."

Principal associate Ed Hall commented: "We were able to use our understanding of the Harworth Estates business to ensure that this complex and time-pressured transaction was completed by the required deadline. Negotiating with a number of stakeholders at the same time while ensuring that we agreed a deal that was workable for the business was a challenging process, and we were thrilled to get it over the line."

Wragge Lawrence Graham & Co also works on Harworth Estates' property deals through Real Estate partner Huw Roberts and his team.

Pinsent Masons advised RBS.

Harworth Estates is one of the largest property and regeneration businesses working across the East Midlands, Yorkshire and the North of England. It owns or manages a diverse portfolio of around 27,000 acres across 200 sites, with a total value of approximately £300 million and specialises in regenerating former coalfield and brownfield sites into employment and residential areas and low carbon energy projects.

Wragge Lawrence Graham & Co's Banking and Finance team acts on a wide range of finance issues including leveraged and acquisition finance, asset finance, general banking and derivatives, capital markets and securitisation and financing and refinancing.