May 2020
Q1 2020 Business Update
Market conditions in the first quarter of 2020 saw unprecedented and challenging times for clients and our team. As a result of the COVID-19 pandemic, a wave of urgent borrower drawdowns under committed credit lines and an unparalleled volume of lender enquiries were received and processed with speed and efficiency.
Our team worked tirelessly to ensure that liquidity needs were met and an increased volume of secondary market trades were settled within days. Some new processes slowed, although we witnessed great resilience in the infrastructure markets. We were encouraged by the ability of certain clients and their advisors to close deals and are pleased to have experienced a strong pipeline of new business enquiries and mandates.
In other exciting news, Duff & Phelps acquired the Lucid Group of companies with effect from April 30, 2020. We are extremely excited to work with our new colleagues across the globe strengthening our ability to provide clients with the highest quality agency and trustee services along with associated restructuring and other debt financing/M&A solutions. Further details regarding the acquisition can be found here.
We anticipate and look forward to partnering with you throughout another busy and successful year in 2020.
Best regards,
Q1 – 2020 Representative Transaction
Private Credit |
Exponent PE LLP ISIO
Acquisition Finance
Facility & Security Agent
Infrastructure | First State Investments WEUM/Swedegas
Secured International Notes
Escrow & Paying Agent
Private Credit | BC Partners
Acquisition Finance
Aenova Group
2L Facility & Common Security Agent
Private Credit | ROBUR Industry Service Group GmbH
Term Loan
Facility & Security Agent
Infrastructure | HS Orka
Debt Refinance –
TL CapEx & RCF
Initial Bank Facility & Security Agent
Private Credit |
Ardian Audiotonix
Acquisition Financing
Second Lien Facility Agent
Capital Market Restructuring
Deoleo Group
1L & 2L Credit Facilities
Successor Facility & Security Agent
Private Notes |
Moove Africa B.V.
Loan Notes Financing
Trustee, Paying Agent & Registrar
Ship Financing | EnTrust Global Blue Ocean Funds
Vessel Financing for Two oil tankers
Facility & Security Agent
Private Credit | Boparan Holding Ltd
Secured Financing
Facility & Security Agent
January 2020
Q4 2019 Business Update
We do hope that 2020 has started well for you and wanted to take a brief moment of your time to look back at our highlights of Q4 2019. This was an exceptionally busy period for Lucid, we closed over 60 transactions across our core competencies of private debt, infrastructure and restructuring, with new deal flow remaining strong right through to year end. This is always an active time in the market and our team worked tirelessly 24-7 to ensure that closings occurred without delay.
With an active portfolio of over 250 transactions, we were pleased to make additional hires into our busy operations team and have been fortunate to add some great new talent. In addition to hiring, we recognise that developing new operational technology solutions is key and we are working closely with Fluyd Limited on some exciting and innovative platforms such as Issuer Cloud which will increase efficiencies and service levels on certain transactions.
In our core competency of loan agency, our ability to clear KYC and settle primary and secondary loan trades within 24 hours enabled us to secure a number of large heavily traded syndicated loan mandates such as, Matterhorn Telecom and Survitec Group. Combined with our burgeoning direct lending and infrastructure/projects portfolio, we are grateful that our clients and their advisors and counsel continue to put their faith in Lucid.
We anticipate and look forward to partnering with you throughout another busy and successful year in 2020.
Best regards,
Q4 – 2019 Representative Transactions
German Bank
Restructuring
Creditor Claims Distribution Agent
EnTrust Global | Blue Ocean Funds
Vessel Financing
Facility & Security Agent
Axel Springer SE | Senior Facility
KKR Sponsor
Facility & Security Agent
Brussels Airport Infra Funds Consortium
RCF/TL/PP
PPA, Escrow Agent Facility & Security Agent
Survitec Group | Various Credit
Facilities
Successor Facility & Security Agent
Utility Services Company
12% Snr Secured Bonds
Bond Trustee & Security Agent, Paying Agent & Registrar
TBM Europe BV 2 X EUR Facilities
Biomass/Renewable
Energy Revenues
Facility & Security Agent
Porterbrook Rail Finance Ltd
Multi-Creditor Financing
Security Agent
Advent – Transaction Services Group
A$/US$ Unitranche
Facility & Security Agent
Greek Solar | Financing
Facility & Security Agent
November 2019
Q3 2019 Business Update
Our Q3-2019 summary reflects the growing prevalence of unitranche structures, with direct lenders supporting a wide variety of sponsors with acquisition financings and refinancings, the latter forming an increasingly large share of the transactions we are working on.
Given our broad focus and expertise across direct lending through to more alternative credit solutions, we are the provider of choice for the increasingly active special situations and credit opportunistic funds, resulting in no small part from our roles on the very high profile Steinhoff restructuring where we have efficiently and seamlessly served the borrower and a syndicate of some +300 lenders since 2017.
In August, we welcomed Andrew Brookes as a senior transaction manager. Andrew joins us having spent over 15 years with ING Bank’s agency team, and brings a wealth of experience across key market sectors such as project and infrastructure finance, commercial real estate and capital market syndications.
We continue to hire experienced staff across all teams, ensuring we sustain the highest level of responsiveness and client service. We recognise that our clients, lawyers, advisers and sponsors continue to rely upon Lucid to deliver complex transactions on time every time.
Your invaluable support is much appreciated, and we look ahead to the busy Q4 period with energy and a commitment to serve.
Best regards,
Q3 – 2019 Representative Transactions
CRE Sale & Leaseback | £352m 40-Year Term
Facility & Security Agent
Vitruvian Benify Group
Recapitalisation
Facility & Security Agent
CapVest | Eight Fifty Food Group
Acquisition Finance
Facility & Security Agent
Portuguese Credit Facility & Secured Bonds
Facility & Security Agent
Stirling Square | UK Acquisition Finance
Unitranche
Facility & Security Agent
Matterhorn Telecom S.A. €500m
Term Loan Facility
Facility Agent
KKR | Söderberg & Partners
Acquisition Financing
Facility & Security Agent
Steinhoff Group | Post Restructuring
First and Second Lien Facilities
Facility & Security Agent
Fortenova Grupa d.d. | +EUR 1bn Privately Placed Notes
Escrow Agent, Trustee, Paying Agent & Registrar
Equistone Partners | Bulgin
Acquisition Finance
Facility & Security Agent
July 2019
Q2 2019 Business Update
We are pleased that in the second quarter, we earned numerous new sponsor and lender relationships and witnessed execution under ever tighter timelines. We were proud to take a sponsored acquisition bid from mandate to SFA signing in under 10 hours – a new record for us which has led to immediate repeat business.
We continue to invest in innovative technology solutions in order to meet the growing complexity of transactions, in particular for non-listed assets, which each have their own administrative and reporting nuances.
In August, we will welcome another new member to our transaction management team, who will add further strength to our project and infrastructure finance capabilities. He brings 17+ years of agency experience and we look forward to introducing our clients to him.
We wish you a very enjoyable summer and we thank you for your continued support.
Best regards,
Q2 – 2019 Representative Transactions
Global PE Firm | Israeli TargetCo US $75m
Acquisition Finance
Facility & Security Agent
First State Investments Coriance Refinance
Bank & PP
Escrow, Facility & Paying Agency & Security Agent
CapVest | Karro/Young’s Seafood
Acquisition Finance
Facility & Security Agent
Senvion GMBH
DIP Financing
Facility & Security Agent
Portuguese Infrastructure (Energy)
EUR +700m Term & Institutional Facilities
Escrow Agent Facility & Security Agent
Equistone Partners | CH&Co
GBP Unitranche
Facility & Security Agent
KKR | Trainline Plc
GBP Refinancing
Facility & Security Agent
Edcon Limited
Convertible Bonds
Trustee & Registrar
EQT | Dellner Couplers
Acquisition Financing
Second Lien
Facility Agent
Novum Capital | CC Group Germany
Recapitalisation
Facility & Security Agent
April 2019
Q1 2019 Business Update
We are very pleased to provide you with a snapshot of transactions which we closed in Q1.
To say the end of March 2019 was popular for closings would be an understatement! Coupled with +50 rollovers within our existing portfolio, it made for busy times across our teams. Reflecting continued praise from our clients, we maintained a disciplined approach to execution and responsiveness throughout.
Over the quarter, we participated in closings for transaction across multiple sectors including infrastructure, mid-market, restructuring, M&A, the institutional private placement market, CRE, first/second lien structures and PIK. We received first mandates from a further five high profile sponsors and twenty new lenders – reviewing and clearing KYC for all with speed and efficiency.
Separately, we are happy to inform you that an additional two experienced and highly competent professionals will be joining us within the next three weeks, and we look forward to introducing you to them.
If we can assist you in achieving a seamless execution, please contact us: we are here to help.
Q1 – 2019 Representative Transactions
Leeds Bradford Airport Ltd
GBP Facility Refinance
Facility & Security Agent
DRAX Corporate Ltd
Scottish Law Nominee Security Agent
Equitix | Renewable Energy Asset
3 Credit Facilities
Facility & Security Agent
Hg | A-Plan Group Ltd
GBP Refinance
Facility & Security Agent
Swedish Infrastructure (Energy)
SEK & EUR PPN
Escrow Agent, Paying Agent & Registrar
Hg | Combell Group
Acquisition Finance
Facility & Security Agent
Forsa Energy | Gas-Fired Assets
GBP Facility
Facility & Security Agent
TowerBrook Capital | Independent Clinical Services
GBP Unitranche
Facility & Security Agent
Blue Water Energy | Px Group
GBP 1&2 Lien
Facility & Security Agent
HOLDIKKS S.A.S.
6.75% Senior Secured Notes
Successor Trustee
January 2019
Q4 2018 Business Update
Whilst Q4 2018 will be fondly remembered as one of condensed deal timelines, we also witnessed the rise of the private placement and widely syndicated leveraged finance facilities. Alongside administering a highly active existing deal portfolio (now over 125 live deals), our dedicated team worked tirelessly to ensure time-critical financing transactions were successfully closed before year end.
Alternative lenders continue to recognise the benefits of our independence, ability to mobilise quickly and flexible and commercial approach. Debt restructurings are keeping us increasingly busy and we successfully collaborated with our sister company, Lucid Issuer Services, to provide a complete end-to-end solution for major clients such as Noble Group, GHG, IKKS and Steinhoff in December.
We are truly grateful to our clients who continue to trust us with strategically important and complex matters, a selection of which are shown below, and we look forward to being of service to you again during 2019 and beyond.
Q4 – 2018 Representative Transactions
TC Dudgeon OFTO plc
GBP Fixed Rate Secured Bonds
Bond & Security Trustee
Moneypenny (ECI Partners/Barings Private Finance)
GBP 55m Facility
Facility & Security Agent
Impala (Lone Star)
GBP 100m Second Lien TLB
Facility Agent
Leading Infra’ funds owned Issuer
EUR & SEK Notes
Escrow Agent, Paying Agent & Registrar
Link Mobility Group ASA
Senior Credit Facility
Facility & Security Agent
Asmodee Group (PAI Partners)
Acquisition Financing
2L Facility Agent
Dalmore, Equitix, JII & Rock Rail acquisition
Index Linked Notes
Paying Agent, Security Trustee & Registrar
Reditum Capital Ltd
CRE Loan Platform x 5 deals
Security Trustee
Armonea Group NV
EUR 250m Snr Secured Term Loan B
Security Agent
Genesis Care Finance PTY Ltd
Senior Secured Financing
Facility & Security Agent
September 2018
September 2018 Business Update
Q3 – 2018 Representative Transactions
HIG Capital
Acquisition Via GBP Unitranche
Facility & Security Agent
Antin Infrastructure
Acquisition Via
French Law Bonds
Bondholders Agent &
Security Agent
LDC FCBI
MBO Financing
GBP Unitranche
Facility &
Security Agent
Caledonia Investments Plc/Cooke Optics
GBP Unitranche
Facility & Security Agent
WE Soda Ltd/Ciner Enterprises Inc
US$1.66bn Facility
Facility Agent
Triple Point
Norland Estates Ltd
Private Placement
Cash Manager
Gladman Developments Ltd
GBP Borrowing Base Facility
Facility & Security Agent
MapleCo2 Limited
£100m Facility
Facility &
Security Agent
Oi S.A. US$ Facility for
Retail / Non Qualified Bondholders
Facility Agent
June 2018
June 2018 Business Update
It has been a busy H1 for Lucid Agency and Trustee Services, supporting clients with a variety of acquisition finance, leveraged finance, listed bond issues, escrow and disbursement services, and process agency for a wide variety of contracts.
Timelines are often challenging for all deal parties so our focus on speed of execution, efficient turnaround of KYC, and commitment to the late nights and weekends that is often required continues to set us apart and win high praise from our clients.
April saw the addition of two new highly experienced staff to our middle office operations team, including Khushbu Jain who is now managing the department, and our active portfolio of close to 90 transactions. Late June saw the arrival of Kate Russell to our transaction management division – Kate brings with her over 25 years of documentation negotiation and deal closing experience, and her knowledge and commitment to client service is already adding value to all those working with her.
The list below highlights a small selection of the transactions we have been mandated as Agent and/or Trustee for – if we can provide further information, or a proposal for a new matter please don’t hesitate to make contact.
The directors and staff of Lucid Agency and Trustee Services greatly appreciate your continued support and we look forward to supporting your next transaction.
With our best regards
Your Lucid Agency and Trustee Services senior team.
Email: info@lucid-ats.com
Tel: +44 20 7704 0945
Representative Transactions
Hilding Anders Financing AB
Refinance by KKR 150+ lenders
Facility & Security Agent
Primary Group Limited – Unitranche
6 lenders
Facility & Security Agent
Acquisition of RGI by Corsair Capital
3 lenders
Facility & Security Agent
Acquisition of Wavelength Pharmaceuticals by SK Capital
32 lenders
Trustee & Agency Services
Oscar Mayer Group Refinance for DBAG PE
5 lenders
Facility & Security Agent
(State owned) Abu Dhabi National Oil Co. $3Bn Refinance
First public debt issue
Intercreditor Agent
Heidelpay EUR Unitranche – acquisition refi for AnaCap
7 lenders
Facility & Security Agent
€600m Private Note Issue Loan Repackage
37 lenders
Trustee & Agency Services
Public listed Healthcare Co. USD Facilities
Successor Administrative Agent (to Goldman Sachs)
Kerridge Commercial Systems Group Limited Unitranche refinance for AccelKKR
15 lenders
Facility & Security Agent
AllianzGl
EUR Private Placement
12 Noteholders
Escrow Agent
Lowe Rental Limited
GBP Unitranche
Facility & Security Agent
Primetel Plc
EUR Senior Secured
Facility
Escrow Agent
Facility &
Security Agent
KooleTerminals
Privately Placed
Notes
25 Noteholders
Paying Agent &
Registrar Services
Hemisphere Intl Properties
EUR 750m RCF
30+ lenders
Facility Agent
Steinhoff Europe
EUR 2.9bn RCF
25 lenders
Facility Agent
Carraro S.p.A.
EUR 180m Senior Unsecured Notes
Trustee
Leading IT Firm
$370m Secured Facility
14 lenders
Administrative Agent &
Collateral Agent
Capital Valentine
B.V. EUR 90m
Loan Participation Note
Trustee
Acquisition of id Verde by Core Equity Holdings
Senior Finance
10 lenders
Agent & Security Agent
UK Financial Services business GBP Unitranche
Facility & Security Agent
Gilkes Hydro GBP 19-Year Secured RPI-linked Notes
Noteholder Rep’ & Security Agent
Bain Capital Acquisition Finance EUR 85m Unitranche Facility
Facility & Security Agent
PE Sponsor LuxCo Multi-Jurisdictional RCF
Facility & Security Agent
Inflexion UK Portfolio Company GBP Unitranche
10 lenders
Facility & Security Agent
Steinhoff Europe AG Stripes US Holdings Inc EUR 200m RCF & $4bn Credit Facility
Facility & Security Agent
Gilkes Hydro GBP 19-Year Secured RPI-linked Notes
Successor Agent
Fiera Infrastructure £48m Senior Financing – LGIM (UK Solar Assets)
Facility & Security Agent
Goldman Sachs Private Capital & KKR US$ 360m Investment in OutSystems
Distribution & Paying
Agent
Maire Tecnimont S.p.A EUR 165m 2.625% Senior Unsecured Notes Due 2024
Trustee & Service of Process Agent
U.S. REIT & Chinese Asset Management Company M&A Escrow
Escrow Agent
19th April 2018
April 2018 Business Update
With your valued support, our first six months has been a great success – with +65 engagements since September 2017 – for which we are incredibly grateful and humbled.
The private credit market continues to be highly active and our deep relationships, combined with an unwavering focus on quick turnaround and seamless execution, has resulted in numerous significant mandates with over 30 credit funds and over 20 sponsors. Due to our conflict-free proposition, Lucid continues to win significant special situations mandates, as demonstrated by our recent successor agency appointments for two Revolving Credit Facilities totalling over €3.6bn in outstanding debt. We continue to hire top talent from the market to ensure we maintain high standards of service and deliverability, and look forward to introducing our newest team members to you in due course.
The list below highlights a small selection of transactions we are engaged on, please don’t hesitate to contact us for further information.
The directors and staff of Lucid Agency and Trustee Services greatly appreciate your continued support and we look forward to helping you on your next transaction.
With our best regards
Your Lucid Agency and Trustee Services senior team.
Email: info@lucid-ats.com
Tel: +44 20 7704 0945
Representative Transactions
Allianz Global Investors
EUR Private Placement
Notes
Escrow Agent
Lowe Rental Ltd
GBP Unitranche
Facility Agent Security Agent
Primetel Plc
EUR Senior Secured
Funding
Facility Agent
Security Agent
Escrow Agent
KooleTerminals
Private Placement
Notes
Paying Agent
Registrar
Hemisphere Intl Properties
€750m RCF
Successor Agent
Steinhoff Europe
€2.9bn RCF
Successor Agent
CarraroS.p.A.
€180m
Senior Unsecured Notes
Trustee
Leading IT Firm
$370m Secured
Financing
Admin Agent
Collateral Agent
Capital Valentine
€90m LPN Due 2021
Trustee
Acquisition of id Verde by Core Equity Holdings
Senior Finance
Agent & Security Agent
26th January 2018
January 2018 Business Update
When considering what our clients might need from their Agent and Trustee, it was simple to conclude that whilst efficiency and speed of execution are high on the list, responsive and experienced people who are commercially minded, easy to deal with and are personally invested in the transaction process are also highly prized.
Lucid Agency and Trustee Services has handpicked such a group of professionals and, since launch in September 2017, we have delivered on our promise.
We would like to thank all the sponsors, lenders, advisers and their legal counsel who have engaged Lucid as Agent and who have referred us to colleagues and clients as a result of their positive experience.
A small selection of the transactions we have been engaged on recently is highlighted below and our senior team are available to discuss any needs you may have for our services as:
- Facility Agent
- Security Agent
- Intercreditor Agent
- Note Trustee
- Security Trustee
- Restructuring Agent
- Note Paying Agent
- Registrar, Transfer Agent
- Escrow Agent
- Service of Process Agent
We look forward to partnering with you in the near future.
With our best regards
Your Lucid Agency and Trustee Services senior team.
Email: info@lucid-ats.com
Tel: +44 20 7704 0945
Representative Transactions
Hilding Anders
Financing AB
Refinance by KKR
Facility &
Security Agent
Primary Group
Limited
Unitranche
Facility &
Security Agent
Acquisition of
RGI by
Corsair Capital
Facility &
Security Agent
Acquisition of
Wavelength
Pharmaceuticals by
SK Capital
Trustee & Agency
Services
Oscar Mayer Group
Refinance by
DBAG PE
Facility &
Security Agent
Abu Dhabi Crude
Oil Pipeline $3Bn Refinance
Intercreditor Agent
T-Solar Finance
EUR Senior Secured Notes
Trustee & Agency
Services
€600m Private Note Issue
Loan Repackage
Trustee & Agency
Services
Listed Healthcare Company
Successor Admin Agent
Agent for Service of Process
15 appointments
Escrow Agent
5 appointments
3rd October 2017
Lucid Trustee and Agency Services featured in September’s edition of Global Turnaround
Following the recent launch of our agency and trustee service offering, please find an article from September’s edition of Global Turnaround which highlights the value we can add in complex debt restructurings.
Our team of professionals has worked on some of the largest debt restructurings in history and we welcome the opportunity to share our extensive experience. Having a competent, responsive and non-conflicted agent in place can really help facilitate a smooth debt restructuring.
Testimonial from major distressed fund:
“Lucid have proved easy to work with in the past in processes where we’ve needed close co-operation with the agent (for example, restructuring bank facilities/dealing with difficult debtors).”
11th September 2017
Lucid Issuer Services Limited Launches Trustee and Agency Services Platform
Specialist capital markets services provider Lucid Issuer Services Limited (“Lucid”) has launched Lucid Agency and Trustee Services Limited and has made four senior hires to support its ambitions for growth in the capital and private credit markets.
John Traynor joins from Wilmington Trust Company and Emma Hamley from U.S. Bank Global Corporate Trust Services to drive the growth of the agency and trustee business. Paul Barton and Christopher Eastlake, also from Wilmington Trust and U.S. Bank respectively, lead the relationship management team.
Known for its exemplary client service and unwavering focus on transaction execution, Lucid saw strong demand from existing clients for a quality provider of trustee and agency solutions and will focus on institutional private placements, debt restructuring, private credit (e.g. direct lending) facility and security agency and successor trustee services.
Sunjeeve Patel and Yves Theis, co-founders of Lucid, say the expansion of the business will meet a significant need for their clients and reflects their continued growth ambitions.
John, Emma, Paul and Christopher bring with them significant experience in the bond and loan markets having worked across project finance, direct-lending, special situations, investment grade and high yield bond issuance and debt restructuring for multiple leading trust and agency providers.
John Traynor – John brings over 20 years of agency and trustee experience, most recently as a senior Client Development Officer for Wilmington Trust. Previous positions include European Head of Sales for both JPMorgan and The Bank of New York Mellon. His early career includes sales and relationship management roles with Deutsche Bank and JPMorgan’s predecessor banks. John has developed deep relationships across the European capital markets and has extensive experience in complex debt restructurings, direct lending and syndicated loan transactions.
Emma Hamley – Emma has worked within agency and trustee services since joining Bankers Trust Company in 1989. She has held senior relationship management and business development positions at The First National Bank of Chicago, The Bank of New York Mellon, Capita Issuer Services and most recently U.S. Bank as Senior Vice President leading the European Business Development team. Emma has extensive experience across all debt market products with strong focus on the private credit markets and institutional private placements, in the corporate mid-market and project/infrastructure debt finance markets.
Christopher Eastlake – Christopher has been involved in corporate trust services since joining The Bank of New York Mellon in 2007 where he spent six years in several roles including CDO administration, foreign exchange settlement and loan agency. More recently, since 2013 he served as Vice President in the relationship management team at U.S. Bank where he was responsible for the closing and ongoing management of facility agent and security agent/trustee transactions within the loan agency business.
Paul Barton – Paul has over seven years’ experience of loan agency, security agency and bond trustee transactions as a Director of Wilmington Trust (London) Limited. Prior to his career in loan agency, Paul was an originator of structured real estate debt and equity transactions in Europe with Credit Suisse, HSH Nordbank, Bank of Scotland and BNP Paribas.
About Lucid Agency and Trustee Services Limited
We are a conflict-free provider of loan agency, bond and security trustee services to the syndicated loan, private credit and capital markets. Whether acting as escrow agent, facility agent, security agent or bond trustee on a new financing, replacing an incumbent on existing debt or working on a restructuring, Lucid’s core values – Planning, Commitment and Execution – ensure a smooth and timely closing process and efficient ongoing deal management.
To discuss our range of services please contact a member of the team on + 44 20 7704 0945 or email info@lucid-ats.com.