Capital Law Advises Santander on Revolving Credit Facility for MS-RT Group
We advised Santander UK plc on the amendment and restatement of an existing revolving credit facility for Edward Davies Commercials Limited, widely known as MS-RT, who specialise in modifying commercial Ford vehicles to give them a sporting edge.
Our advice needed to ensure that the existing facility agreement was amended and restated in a way that met the needs and expectations of both Santander UK plc and Edward Davies Commercials Limited to ensure they could achieve their commercial aspirations, while being protected from a legal perspective.
Our Banking & Finance team skilfully engaged in drafting, negotiating, and advising Santander UK plc on the new deed of priority and the deed of postponement and on the amendment and restatement agreement in respect of the existing facility, to increase the level of facilities available to the MS-RT group. We produced deeds of release to remove the existing debenture in favour of Close Brothers Limited and managed the legal workstreams, liaising with other advisers on the transaction as necessary. Overseeing the completion process, we collected and checked documents required by Santander UK plc as conditions precedent, and reviewed the necessary board minutes, resolutions, and director certificates.
The successful refinancing between Edward Davies Commercials Limited and Santander UK plc has enabled the MS-RT Group to further pursue their long-term strategy, while also safeguarding Santander UK plc’s interests and mitigating risk.
Myrddyn Hughes, Senior Relationship Director, Corporate Centre – South Wales, Santander UK Corporate and Commercial Banking commented:
Chris Lewis and the banking team at Capital Law have been instrumental in helping us with this deal. Their commercial and pragmatic advice was invaluable, ensuring a smooth, timely and professional experience. We are grateful for their continuing support and look forward to working with them again.
At Capital Law, we understand the intricacies of refinancing. Whether it’s to increase facility amounts, extend the repayment term or to tweak financial covenants, our team is equipped to handle the challenges that face both borrowers and lenders when refinancing to deliver results to provide greater flexibility in dealing with your debts or security. Get in touch to find out more about how we can help you.
