Doncasters secures $1.2 billion refinancing deal

(UK)  —  The Doncasters Group (“Doncasters”), the global precision engineering group, announced 10 April 2013 that it has successfully completed the refinancing of its whole $1.2 billion lending structure, providing the company with more favourable terms and a stronger financial footing to support long-term growth. The refinancing reduces Doncasters’ cost of debt significantly, with around £8 million of annual interest savings, and it extends the debt maturity profile of the company by 3-5 years.

The new financing comprises:

  • $876 million first-lien term loans, maturing 2020
  • $290 million second-lien term loans, maturing 2020
  • £110 million working capital facility, maturing 2018

Tariq Jesrai, Chairman and Chief Executive Officer of Doncasters, said:

“I am very pleased to announce this hugely successful transaction, which represents one of the largest refinancings of its kind in recent years and underlines the fundamental strength of the business. The new structure is covenant light and allows us the flexibility to realise our ambitious growth targets and when combined with our strong financial performance, it provides us with a sound platform from which to achieve our full potential. We are now ideally positioned to focus on driving further operational performance, to the benefit of our customers, employees and shareholders.”

Following completion of the refinancing, Doncasters has a strong liquidity position, with over £35 million of cash in addition to the £110 million working capital facility.

The new facilities order book comprises 55 lenders, with a number of large blue-chip institutions.

In 2012, Doncasters reported EBITDA of £118 million, up from £106 million in 2011 and £104 million in 2010. The company reported sales in 2012 of £741 million, compared to £745 million in 2011 and £673 in 2010.

The bookrunners for the transaction were Credit Suisse, Bank of America Merrill Lynch and JP Morgan.


(Visited 235 times, 1 visits today)

Get involved


As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us


Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs


Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.