Pinsent Masons advises bank syndicate on Safestore refinancing

17 May 2012 | 10:09 am |

International law firm Pinsent Masons has advised The Royal Bank of Scotland plc and HSBC Bank plc, as arrangers on behalf of a syndicate of international financial institutions, on a comprehensive refinancing package for Safestore Holdings plc. The refinancing consists of £270m and EUR70m syndicated, secured term loan and revolving credit facilities and a US private placement of US$115m.

Safestore is the UK’s largest and Europe’s second largest provider of self-storage solutions. Headquartered in the UK, the group has over 43,700 customers and operates from 119 stores across Europe.

Safestore subsidiaries in Europe, including Une Pièce en Plus SAS in France, will use new funds to refinance existing debt and for their general corporate purposes.  The international nature of Safestore's business required Pinsent Masons to co-ordinate advice across several European jurisdictions, including UK, Scotland, France, Luxembourg, Isle of Man and Guernsey.

The Pinsent Masons cross-practice team was led by Banking Partner Chris Tart, assisted by Legal Director Stephen Woods, Senior Associates Sarah Whitty, Philip Scott, Sean Houlihan and Stewart Moore and Solicitor Sandeep Bassan. 

Commenting on the deal, Chris said: "We are delighted to have advised the bank syndicate on this important refinancing for Safestore.  The deal is a great example of the high value, multi-jurisdictional transactions that our team has increasingly worked on over recent years and demonstrates the confidence that our clients have in the quality of our advice and our ability to provide a co-ordinated cross border service".  

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