London, UK – December 14, 2018 – Å·ÃÀÊìÅ®ÂÒÂ× (Element) has secured circa US$500 million in a combined senior second lien and PIK refinancing funding package. The refinancing provides the Group with a significant amount of flexibility around its capital structure to continue to pursue strategically important acquisitions.
The Group raised $80m-equiv. EUR TLB add-on to repay capex drawings and also extended its committed acquisition facility to $200m. Element also raised a ~$340m EUR-equiv. PIK holdco loan outside the restricted group.
Jo Wetz, CFO at Element, commented: ‘We are very pleased to have delivered a significantly oversubscribed refinancing against a backdrop of difficult end markets. This is a fantastic example of our incredibly supportive investor base continuing to back the Group’s strategy.’’
In October, the Group’s seventh successive year of growth was recognized with a top 40 ranking in the Sunday Times’ Top Track 250 league table of Britain’s leading mid-market private companies. Element was ranked number 39 climbing an impressive 105 places since its debut listing in 2016.
About Element
Element is one of the world’s leading independent providers of materials and product qualification testing, inspection and certification services to the global Aerospace; Transportation & Industrials; Fire & Building Products; and Oil & Gas and Infrastructure sectors, where failure in service is simply not an option.
We exist to help our customers to make certain that the materials, products and systems that they make are safe, quality, compliant and ultimately fit for purpose, leveraging 200 years of testing experience and our global testing Å·ÃÀÊìÅ®ÂÒÂ×.
Media contacts:
Bora Trimcev, Communications Manager
T: +44 (0) 203 540 1820
E: bora.trimcev@element.com
Devan LaBrash, Pagoda Public Relations
T: +44 (0) 131 556 0770
E: devan.labrash@pagodapr.com
“This is a fantastic example of our incredibly supportive investor base continuing to back the Group’s strategy.”
Jo Wetz
CFO, ELEMENT