Corporate adviser - FTSE100 Employer

A FTSE100-listed UK-based global food manufacturing company was acquired by a large US-based global foods group.  The Trustees of the scheme of the UK group raised concerns on the effect of the transaction on the covenant, in particular the level of acqusition debt.

Role

  • Ongoing adviser to the employer on covenant and regulatory matters
  • Provided detailed advice on negotiations with the trustees and their own advisers around funding assumptions and recovery plan
  • Provided guidance on the impact of scheme and employer events on the covenant and assessed the need for mitigation

Results

  • Worked closely with the trustees’ actuarial and legal advisers to determine an appropriate funding strategy
  • Achieved TPR support for post-transaction funding plan
  • Was retained as covenant adviser to the US group in respect of post-transaction business integration

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