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Zenith refinances its credit facilities

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Zenith has announced the completion of a significant refinancing of its credit facilities, following a rapid de-leveraging of the business over the last three years. 

The new capital structure provides Zenith with a scalable platform from which to pursue its strategic growth aspirations, while maintaining a continued focus on innovation and customer service.

The transaction expands the company’s panel of lending partners, bringing Lloyds and ICG alongside long-term funders RBS and HSBC. 

Zenith continues to be majority owned by Morgan Stanley Global Private Equity, which invested in the business in September 2010.

Mark Phillips, Zenith’s chief financial officer, who led the process, said: “The company has significantly de-leveraged since Morgan Stanley Global Private Equity’s acquisition. We therefore had the opportunity to improve the efficiency of our capital structure.

“We took advantage of an attractive financing environment to raise additional financing and position our company for continued growth and expansion.”

Jean-Marc Jabre, executive director at Morgan Stanley Global Private Equity, added: “Zenith has been on a roll, winning new customers and earning the industry’s recognition through a number of awards this year.

“We’re very proud of what the business has achieved and supportive of its vision for continued growth and success.”

Zenith was advised by Deloitte’s debt advisory team and took legal advice from Weil, Gotshal & Manges. Due diligence was provided by KPMG and Squire Sanders.  Addleshaw Goddard represented the lenders.


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