Fortis Living – Financial Advice & Merger Support

Fortis Living – Financial Advice & Merger Support

After the proposed merger between Festival HA and Worcester HA was announced, Centrus was engaged to support the merged entities in their discussions with their lenders, seeking approval for the merger and a degree of facility restructuring.

This entailed a review of the proposed group corporate structure from a financing/treasury perspective and consideration of alternative corporate structures to increase effectiveness of future financing arrangements.

Centrus also set guidelines for a negotiation strategy. After discussions with the lenders to the two merging entities, Centrus advised on an initial proposal and afterwards on the continued process.

The client proceeded with the negotiations, and the final outcome was the lender approval for the merger as well as combined facilities postmerger that ensure the funding needs of the group and address previous constraining loan terms with negligible embedded value.

As part of this process, Centrus was asked to review the overall borrowing capacity of the new group and subsequently supported Fortis in its strategy of raising additional funding from a new bank lender and through the Government guaranteed Affordable Housing Finance scheme.

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