Wragge & Co advises HSBC on £70 million loan to JDR Cable Systems

Friday, Jun 25, 2010

Wragge & Co's Banking & Finance team has advised HSBC Bank plc on its £70 million term and revolving credit facility to undersea power cable manufacturer JDR Cable Systems.

As well as being able to tender for more projects, JDR will use the funding for its contract to supply subsea umbilical cables to London Array. When complete, as one of the world's largest offshore wind farms in the outer Thames Estuary, London Array will generate energy reaching a total capacity of 1,000 MW.

Banking and finance partner Chris Brierley led the deal, supported by associate Angela Boughton. Construction associate Maxine Symington completed due diligence on the contracts.

Chris Brierley said: "Our in-depth knowledge of the financial marketplace, understanding of HSBC's objectives and commercial pragmatism enabled us to help HSBC deliver the right commercial solution for JDR."

Stuart Mills, head of origination at HSBC Leveraged Finance, Canary Wharf, added: "Chris and his team have again delivered for us and enabled us to get to the right position with an important customer. They provided excellent pragmatic and commercial advice throughout."

Wragge & Co is on HSBC's panel of preferred law firms in the UK. A full-service legal adviser to the bank, previous instructions include advising on its original loan to JDR Cable Systems in 2007, which it has renegotiated and extended in this latest deal. The Wragge & Co team worked alongside Richard Rogerson at Macfarlanes who advised JDR.

Wragge & Co's Banking & Finance team offers a partner-led service providing top-quality legal advice. Bringing a commercial and pragmatic approach to deals, the team advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions.

Highlights include advising US-based investors on a $200 million privately placed note issue for UK housing association Places for People Homes. The team also acted for new client Argent Group Europe Limited on its £36 million management buy-out by Fletcher Bay Investment Company Limited.

Source: Wragge & Co