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JULY 2013
MCGUIREWoodS ACtS FoR BAnK oF AMERICA on dEBt REFInAnCInG FoR MAnCHEStER UnItEd
McGuireWoods London LLP has advised Bank of America, n.A. on a new committed term loan facility for MU Finance plc, a subsidiary of Manchester United plc. the proceeds of the facility will be used to refinance £177.78 million of its outstanding sterling 8.75% bonds and the $22.09 million principal of its U.S. dollar 8.375% bonds, resulting in an interest reduction of around £10 million per year.
The McGuireWoods team was led by Marc Isaacs and Loy McKeithen in London and by Kevin McGinnis in Charlotte, N.C., with assistance from Daniel Burns in London, Thomas Cooper in Charlotte and Coraline Fourniols in London.
Allen & Overy acted for Manchester United with Greg Brown leading a team that included Joel Tashjian, Neil Coxhead and Alex Barros-Curtis. LM
oRCAn EnERGY GMBH WInS E.on AS nEW InVEStoR And StRAtEGIC PARtnER
orcan Energy GmbH (orcan), the leader in waste heat recovery technology, concluded its second round of financing in early 2013 with the addition of E.on as a new industry partner and investor. E.on broadens orcan’s already prominent list of investors, worldwide leading venture capital firms Kleiner Perkins Caufield & Byers and Wellington Partners, both of whom were part of the original funding round in 2011 and continued to show their support by participating in this subsequent round. the new partnership is considered an important stepping stone on the path to fulfil orcan’s vision: “to play a vital role in securing an ecological and affordable energy supply by tapping the energy source of waste heat.” orcan offers E.on the opportunity to extend its range of integrated solutions for its industrial clients through orcan’s organic Rankine Cycle (oRC)-products, the so-called ePacks.
Dr. Urban Keussen, E.ON Senior Vice President Technology & Innovation said: “E.ON is constantly seeking out new technology solutions that meet the requirements of our clients and their demand to benefit in a sustainable way, i.e. ecologically and economically. Orcan’s product, the ePack, offers our clients the opportunity to quickly access the enormous untapped energy potential of their own easily available waste heat. Additionally, E.ON believes that this new energy solution will be of great interest to potential new clients.” LM
Orcan Energy
Manchester United