One continuing mandate for acquisitions, debt and equity.
Rendesco is the UK's leading ground-source heat network developer. One continuing mandate has run across the asset bolt-on acquisitions, the debt financings and the equity events: the bolt-ons themselves, the buy-back and the share matters as the shareholder base moved, the first debt facility into the business, and supplementary funding through Innovate UK.
Each works differently
Equity buys a share of the upside. Debt needs security and covenant headroom, both financially and operationally. Rendesco has taken both, and one mandate has covered the equity events, the debt and a grant, so nothing has had to be explained twice.
The share events
Equity does not settle when a round closes. Every buy-back, new class and transfer moves the base again, and each one has to sit inside what the last one left.
The first facility in
We took the business through its first debt raise, covering security, covenants and what the lender can do if things slip.
Innovate UK, on top
Supplementary funding that dilutes nobody, and sits alongside the equity and the debt without disturbing either.
What we did, in order
- Where it started
The asset bolt-on acquisitions
Rendesco grows by buying networks as well as building them. We have run the bolt-ons, covering what is being bought, what comes with it and how each one sits inside the share structure already in place, so nothing agreed with existing shareholders has to be unpicked to get a deal done.
- Asset acquisition
- Deal structuring
- Transaction documents
- Alongside
The equity events
We handled the buy-back and the Companies House filings that go with it, and the successive share matters that came up as the shareholder base moved.
- Share buy-back
- Companies House filings
- Share classes
- Shareholder documents
- Then
The first debt into the business
We ran the corporate side of the first facility against the equity structure already in place, covering what got secured, what the covenants allowed and how much room the business kept for the next move.
- First debt facility
- Security and covenants
- Lender negotiation
- Facility documents
- And then, on top
Supplementary funding through Innovate UK
Grant money on top of the equity and the debt. It dilutes nobody, and it was awarded on the strength of what the business is building. It had to sit alongside both without cutting across the lender's position or the shareholders' rights.
- Innovate UK
- Grant funding
- Structuring alongside debt
Roughly fifteen agreement templates, modernised
We rebuilt the cover pages, moved definitions out to appendices and standardised the signature pages. Every deal since has run on them.
Call us before, not after.
If you are heading into a first raise, a first facility or both, talk to us early. The earlier the call, the more we can add. The first conversation costs nothing.