PwC Lead Advisory and Restructuring teams acted as financial advisor to Tramlink Nottingham Limited on the restructuring of its senior and junior debt facilities
The PwC Lead Advisory and Restructuring team is pleased to announce it has advised Tramlink Nottingham Limited (“TNL”), the SPV which operates and maintains the trams and tram network infrastructure in Nottingham, on the restructuring of its senior and junior debt facilities.
The Project originally reached financial close in December 2011 and construction was completed in September 2015.
“We are delighted to have supported TNL on the consensual restructuring of their debt facilities. The restructuring has put TNL back on a stable footing and will ensure continuation of the tram services that are integral to the transport network in the city of Nottingham and the wider region.”
Since 2020 the Project has encountered a number of macroeconomic challenges including COVID-19 which impacted passenger numbers, general inflationary pressures across the cost base and increases in power costs arising from the energy crisis.
With projected debt covenants coming under pressure, we assisted management in undertaking a consensual restructuring of the existing senior and junior debt facilities which concluded in December 2023 with agreement from all stakeholders, including Nottingham City Council.
The project was delivered by a combined Lead Advisory and Restructuring team consisting of Matt Denmark, Rod Cameron, Dan Edge, Dipti Bhudia, Lucie Coussmaker and Hayley Wilding as well as Issy Gross, James Stephenson and Culonn Troy.
Contact us
Restructuring and Insolvency Partner, PwC United Kingdom
Tel: +44 (0)7802 659267
