ESE World signs €90m refi

Avenue Capital and BlueBay Asset Management teamed up to provide the unitranche financing.

Stirling Square Capital Partners-controlled ESE World, a waste collection manufacturer, has signed a €90 million unitranche deal with Avenue Capital and BlueBay asset management. The lenders made equal commitments to the refinancing deal. 

The new facility has a six-year tenor and leaves the company levered 3.8x, a source close to the situation said. The margin is around 700bps and the agreement includes full covenants. It replaces the full senior and most of the junior debt from the previous facility to leave the overall debt loan around the same size including the €15 million of outstanding mezzanine debt. 

ESE is negotiating a factoring credit line and a €15 million super senior secured revolver, the source added. 

The firm is the second largest manufacturer of plastic waste collection containers. It hit a rough patch a few years ago but has recovered well, continued the source. 

Stirling Square acquired the company in July 2010 and appointed René Wolfkamp as chief executive.