Milbank LLP has advised the initial purchasers in connection with Zenith Finco Plc’s (“Zenith”) offering of £475 million 6.500% Green Senior Secured Notes due 2027 pursuant to its newly established green bond framework and related revolving credit facility. The proceeds from the offering will be used to repay in full the existing term facilities, for general corporate purposes and to pay fees and expenses in connection with the refinancing.
Founded in 1989 and headquartered in Leeds, United Kingdom, Zenith is the largest independent provider of mobility as a service in the United Kingdom by vehicles under management, including all asset types, such as cars, vans, trucks and trailers. Zenith is owned by Bridgepoint and operates across the corporate, commercial and consumer sectors, specialising in bespoke mobility solutions. By funding, enabling and influencing its customers to switch to battery electric vehicles, Zenith is a key enabler of sustainable mobility, playing a significant role in the decarbonisation of the United Kingdom vehicle parc.
The Milbank team was led by European Leveraged Finance/Capital Markets partners Rebecca Marques and Alexandra Grant, associates Dimos Papanikolaou, Peetra Anderson-Figueroa, Abbey Dalgleish, Kristian Sutt, James Szauer and Pranahita Srinivas. The team also included London Tax partner Russell Jacobs and associate Pranav Subhedar along with New York Tax partner Andrew Walker and associates Benjamin Heller and Michelle Park.
