Cory Riverside Energy has re-financed its debt at the end of a year-long reorganisation which has seen the sell-off of three of its four original business lines.
The company has sealed a new £520m debt package for its Riverside energy-from-waste (EfW) plant in Belvedere, east London.
2000 nick pollard cory
Chief executive Nick Pollard (pictured) said the move “demonstrates great confidence in Cory Riverside Energy and our place at the heart of London’s resource management infrastructure”.
Riverside is the largest operating EfW facility in the UK, supplied by barges delivering waste from transfer sites along the Thames.
Cory Group is owned by investment funds managed by Strategic Value Partners. Since the shareholders took over in 2015:
- The municipal business has been sold to Biffa in June 2016
- The national waste brokerage went to Reconomy in July 2016
- Landfill sites and associated gas operations were taken over by Armour Group Holdings in January 2017
Pollard said the re-financing completed the restructuring of the business agreed with shareholders 15 months earlier.
“Our financial structure now reflects the operational structure, with a simplified business and removal of historic risk.
“Our Riverside facility and infrastructure is unique in the sector, with an exemplary operational track record. It has been reliably operating at capacity since day one, and has the benefit of long-term contracts and indexed gate fees.
“We’ve had another record year, with 12 months of operating at a new, higher capacity.”
The re-financing package includes:
- £322.5m seven-year amortising senior term loan, including banks and institutions
- £98m 13-year amortising senior institutional facility
- £98m 7.5-year junior facility
Western Riverside Waste Authority welcomed the restructuring, saying it would help generate “significant” financial savings for the authority and its four constituent councils.