Norton Rose assists Trinity Mirror in securing new £110 million banking facility
29 March 2012
International legal practice Norton Rose LLP has assisted Trinity Mirror plc in securing secured new bank facilities ahead of the expiry of the group’s current bank facility in 2013. The new facility, which was co-ordinated by The Royal Bank of Scotland and Lloyds TSB Bank, is a £110 million revolving credit facility expiring in August 2015. The “forward start” facility is available from June 2013 or earlier if current facility is cancelled.
Trinity Mirror’s ability to secure the new facilities was assisted by agreements entered into with the trustees of each of the group’s defined benefit schemes to reduce deficit funding payments for 2012, 2013 and 2014 to £10 million per annum, with normalised contributions of some £33 million per annum being re-instated from 2015. The arrangements will see the group making additional contributions to the pension schemes if EBITDA exceeds specified thresholds or if a dividend is paid to shareholders.
The Norton Rose LLP team was led by London partner Chris Pearson, assisted by Kit McCarthy. London partner Mike Ings, assisted by Alexandra Kent-Jones and Tom Meredith, advised on banking matters.
Hogan Lovells LLP advised Trinity Mirror on pension issues.
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Gavin Collins, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2466; Mob: +44 (0)7770 650 113