Pinsent Masons advises on proposed financing of Costain / May Gurney deal

25 Apr 2013 | 11:04 am |

International law firm Pinsent Masons has advised Lloyds TSB Bank plc, Santander UK, HSBC Bank plc and The Royal Bank of Scotland plc on certain banking facilities forming part of £535 million worth of financing arrangements for Costain Group PLC in connection with its proposed all-share merger with May Gurney Integrated Services PLC.

The merger, which was announced to the markets on 27 March, will – if completed – create one of the leading integrated services providers in the UK.

The transaction required the raising of £95m of new term and revolving credit facilities, together with simultaneous completion of consents, waivers and amendments to ensure the continued availability of £125m of bilateral bonding, cash advances and overdraft facilities, £275m of bilateral surety facilities and Costain's existing £45m revolving credit facility.

The transaction was led for Pinsent Masons by London head of banking, Martin Bishop, who was assisted by Liam Terry, Anaïs Spacey and corporate department senior associate, James Broadhurst.  Martin Bishop commented:

"Pinsent Masons has advised Costain's banks on several financings for Costain and we are very pleased to played a role in facilitating one of the most significant transactions in the infrastructure sector for some time. Looking ahead we are likely to see further consolidation in the sector and this deal is proof positive that bank funding is available for well-considered M&A activity."

Slaughter & May advised Costain and Maxwell Winward advised the surety providers. 

Latest press releases

Show me all press releases

Pinsent Masons advises Condeco Group on major acquisition to transform workplace management

Multinational law firm Pinsent Masons has advised Condeco Group on its acquisition of ProxyClick SA, the leading global provider of enterprise visitor management software.

Pinsent Masons advises Suffolk Council on its public-private partnership to deliver £700m social development and housing projects

Multinational law firm Pinsent Masons has advised Suffolk Council on its proposed public-private alliance with Lovell Partnership to deliver nearly 3,000 much-needed homes across the region.

Pinsent Masons advises on €1 billion variable annuity policies transfer

Multinational law firm Pinsent Masons Irish corporate insurance team has advised Athora Ireland plc (Athora) on its transfer of a book of variable annuity policies to Monument Life Insurance DAC, with assets under management valued at nearly €1 billion for circa 13,000 customers.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises Photon Energy N.V. and Bankhaus Scheich Wertpapierspezialist AG on EUR 55m GREEN bonds

Multinational law firm Pinsent Masons has advised Photon Energy N.V. and Bankhaus Scheich Wertpapierspezialist AG on the issuance of EUR 55m 6.50% GREEN bonds due 2027.

Mental health must continue to be top of the agenda for financial services as UK-wide mental health declines in the wake of the pandemic

With national lockdown commencing, financial services experts foresee a continued step-change in support offered to customers grappling with mental health concerns as banks continue to ramp up measures to help consumers manage pressure on finances prompted by the pandemic.

Pinsent Masons advises ING and Commonwealth Bank of Australia on pilot RegTech solution to simplify implementation of MiFID II

Project uses NLP and AI to save hundreds of hours of manual processing time

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts