Rutland Partners' Notemachine completes £63m refinancing

GE Capital acted as mandated lead arranger on the refinancing. The new structure will refinance the company's existing debt and provide acquisition finance for future add-on acquisitions.

Notemachine's leverage was in the region of 3.7x EBITDA after the refinancing.

Rutland Partners first invested in Notemachine, formerly Scott Tod Plc, in August 2006, when it delisted the company from the London Stock Exchange. Rutland provided £11.2m for the all-equity deal.

In the following year, Rutland (equity), Barclays (mezzanine) and Kaupthing, Singer & Friedlander (mezzanine) provided a total of £45.3m in acquisition finance for the buyout of ATM operator TRM Inc. Kaupthing Singer & Friedlander is currently in the process of being liquidated.

Company
Notemachine is a UK-based ATM deployer with an estate of more than 7,000 cash machines. The company supplies approximately £5bn of cash annually, with about 12 million transactions every month.

People
Paul Scott, chief investment officer and head of sponsor coverage, led the deal on behalf of GE Capital EMEA. 

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• Topics
• UK / Ireland
• Restructuring
• Financials
• Barclays
• Rutland Partners
• European Capital
• Refinancing