Canaccord Genuity acts as Joint Sponsor, Joint Global
Co-ordinator and Joint Bookrunner to Esken Limited on its £125m Class 1 transaction with Carlyle Group andunderwritten £55m Firm Placing and Placing and Open Offer
Canaccord Genuity is pleased to announce it has acted as Joint Sponsor, Joint Global Co-ordinator and Joint Bookrunner on Esken Limited’s (“Esken” or “the Group”) £125m strategic investment Class 1 transaction with Carlyle Group and a £55 million firm placing and placing and open offer (the“Capital Raise”).
Esken is an aviation and energy infrastructure group listed on the LSE’s Main Market with two core operations: biomass energy andaviation (notably London Southend Airport).
The Class 1 transaction consisted of a 7 year convertible loan note of £125m by Carlyle Global Infrastructure Opportunity Fund (“CGI”) into London Southend Airport Company Limited, a subsidiaryof the Group. The loan is convertible into 30% of London Southend Airport.
Esken intends to use the net proceeds from the CGI loan and the Capital Raise to repay all outstanding bank debt, meet transaction costs and ongoing working capital requirements, meet certain of its legacy obligations and underpin its business plan going forwards for both Energyand Aviation.
The offering was significantly over subscribed, with new and existing institutionalinvestors participating.