Pinsent Masons advises NatWest in its first sustainability linked asset-based lending facility

Multinational law firm Pinsent Masons has advised NatWest in its first sustainability linked asset-based lending (ABL) facility to Recycling Lives, a UK recycling and waste management business.

Recycling Lives turned to NatWest for a new financing package for refinancing and working capital purposes, working with their board of investors, Three Hills Capital Partners, and EY. This facility provides liquidity for Recycling Lives growth plans while reflecting commitment to help build a greener and fairer economy. 

The NatWest team structured a £40.3 million ABL facility to provide liquidity to refinance existing borrowing and offer some headroom for working capital and any potential acquisitions. An additional £10 million facility was also agreed with Lombard to help fund the company’s investment in new equipment. 

The Pinsent Masons team advising on the transaction was led by Financial Services Partner Victoria Baker, with support from Adam Patel, Luke Etson and Nadia Latinska.

Commenting on the deal, Victoria Baker said: “This is a great example of how organisations successfully implement a financing package with a strong sustainability focus. We’ve been working with NatWest for many years now and we are proud to support their commitment to sustainability and to see our expertise has contributed to the success of this deal.”

Andrew Barraclough, Head of Regional Asset Based Lending at NatWest, added: “We’re thrilled to play a part in Recycling Lives’ future growth through this inaugural ESG financing, and we’re proud to help accelerate the UK’s sustainability journey by linking banking products to sustainability KPIs. We would like to thank Victoria and the team at Pinsent Masons for the excellent support they provided to help deliver the deal.” 

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