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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,

 

The Lucid Agency and Trustee Services Senior Team.
Tel: +44 (0) 20 7704 0945

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

Previous News

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,

 

The Lucid Agency and Trustee Services Senior Team.
Tel: +44 (0) 20 7704 0945

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

Previous News

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,

 

The Lucid Agency and Trustee Services Senior Team.
Tel: +44 (0) 20 7704 0945

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

Previous News

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.

 

Best regards,

 

The Lucid Agency and Trustee Services senior team.
Tel: +44 (0) 20 7704 0945

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

Previous News

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.

 

Best regards,

 

The Lucid Agency and Trustee Services senior team.
Tel: +44 (0) 20 7704 0945

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

Previous News

September 2018

September 2018 Business Update

August can be a quiet time. However, last month, and also July, presented us with an array of deal structures and opportunities to pro-actively assist our clients. Reaching our first anniversary, Q3-2018 new deal mandates ranged from the US$1.6bn We Soda syndicated facility to a junior financing of 20+ years in the infrastructure finance market so favoured by pension fund and insurance investors.
Reacting to late night proposal requests, we took deals from mandate to closing in under a week, as well as working through structural and commercial changes driven by market conditions over a period of many months: our dedicated team of transaction managers and operational experts are here to ensure your deal gets done how you want it, when you want it.
We look ahead to Q4 with anticipation and welcome any inquiries direct to your Lucid Agency contact or via the email address and phone number below.
Thank you for your continued support – we look forward to servicing your next transaction.
Best regards,
The Lucid Agency and Trustee Services senior team.
Tel: +44 (0) 20 7704 0945

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

Previous News

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

Previous News

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

Previous News

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

Previous News

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).”

Previous News

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.