Alcentra completes first deal to public company

The firm has led a unitranche financing of a publicly-listed UK-based loan provider.

Alcentra has led a financing worth £225 million ($294 million; €249 million) to UK-based non-bank loan provider Non-Standard Finance. The deal is the first time Alcentra has provided a private debt facility to a publicly-listed company.

Natalia Tsitoura, managing director at Alcentra, told PDI the firm had provided 75 percent of the £225 million facility. The remaining amount was provided by a cluster of debt funds. 

Tsitoura declined to mention who the additional lenders are. Further details regarding the terms of the financing could not be determined by press time.

Tsitoura added public companies have a lot of options available to them when it comes to financing. The greater acceptance of private debt as an asset class as well as the attraction of working with only a handful of lenders are the reasons behind companies like Non-Standard Finance turning to lenders like Alcentra, she added. 

The financing is being used to refinance bank debt previously held by the borrower. It will also be used to finance future growth, including the acquisition of George Banco – another UK-based loan provider.