The Stationery Office

Bank of Scotland is mandated to arrange a GBP61 million refinancing for The Stationery Office. Apax Partners acquired the business via a secondary management buyout from Electra in 1999. This refinancing does not represent a re-leveraging of the business, but will instead allow the company to reduce its debt burden through the re-organisation of its capital structure.

The GBP61 million refinancing comprises a GBP45 million seven-year amortising term loan A at 225bp over Libor, a GBP10 million eight-year bullet term loan B at 275bp and a GBP6 million eight-year working capital tranche C at 225bp over Libor.

The Stationery Office was formerly HMSO, which was sold by the UK government in 1996.