Moto signs £835m investment grade refinancing
Moto Hospitality Limited (“Moto”), the UK’s leading Motorway Service Area (“MSA”) operator, is delighted to announce that it has successfully signed a new all-senior debt package of £835m that will refinance all of its current indebtedness. The new debt has obtained a BBB investment grade rating.
The new facilities are structured as a Common Terms platform in line with other core infrastructure assets. The facilities, including drawn and undrawn senior debt, have been raised from a group of leading UK and international banks, as well as long-term core infrastructure debt investors at a significantly improved cost.
The financing is also linked to social and environmental objectives, including the provision of ultra-rapid EV charging, underlining Moto’s commitment to lead the motorway market with the opportunities presented by the transition to electric vehicles and alternative clean energies.
A portion of the proceeds of the refinancing will be used to redeem Moto’s existing £150,000,000 4½% Second Lien Notes (the “Notes”) in full. Holders of the Notes will be provided a notice of redemption detailing the terms of the redemption in accordance with the requirements of the indenture governing the Notes.
Rothschild & Co acted as financial adviser to Moto, Clifford Chance LLP acted as borrower counsel, and Freshfields Bruckhaus Deringer LLP acted as lender counsel.