EUR 300m

December 2017

AEB

Refinancing through (4) bank syndicate of debt previously provided by Municipality

  • AEB provides waste solutions for a clean society, now and in the future, through converting waste into sustainable electricity, district heating and high-quality construction materials
  • In 2014, agreement was reached on the corporatization (‘verzelfstandiging’) of AEB Amsterdam including the repayment of the loans provided by the Municipality of Amsterdam by the end of 2018
  • In November 2016 Avaxa was engaged by AEB to prepare the refinancing of the Municipality loans;
  • After analysing AEB’s credit profile and assessing a wide range of financing instruments, sources and structures, Avaxa developed the preferred (re-)financing structure and syndication strategy, including compiling a long list of potential lenders. On the basis of this the Supervisory Board and Municipality of Amsterdam decided to initiate the refinancing process and approach the external financing markets;
  • In December 2017, more than one year before the agreed maturity date, AEB fully repaid all outstanding senior debt to the Municipality of Amsterdam and put in place a EUR 300m new debt package against very competitive terms & conditions providing the necessary flexibility to allow AEB to execute its pipeline of Business Development projects;
  • Throughout the process Avaxa was in continuous dialogue with the Supervisory Board and Municipality of Amsterdam, the latter both in its capacity of shareholder and (subordinated) lender, to keep them fully aligned to the process.