Anaerobic Digestion Plant.
- Jointly banked by RBS and Lloyds.
- Introduced by RBS Invoice Finance, ABL Unit (London, City Office), to find £2.6m of funding for an Anaerobic Digestion (AD) Plant that was planned for the client’s Stowmarket Maltings facility.
- The deal had been offered to Lombard who had taken a number of weeks to evaluate it and then decline it, on the grounds that the equipment was too specialised.
- Following an on-site meeting with the Group MD and FD, we engaged with one of our lenders and and submitted a detailed proposal, which was approved after assessment by Group Credit.
- The deal involves stages payment, in Euros, to 3 European suppliers and a further stage payment facility in Sterling to a UK supplier.
- We worked with the lender's Treasury Team and they forward-fixed the Euros, and managed the payment of funds as each draw-down was required.
- Final Hire Purchase documentation was signed when all 4 ‘pre-loan’ agreements were crystallised after the final stage payments were made.
- A further ‘buffer facility’ of £750K was also negotiated through another of our lenders to provide additional working capital as a hedge against project cost over-runs, if required.