Space in the boot: stretching the balance sheet to maximise borrowing power

In 2018, we advised on the £90 million subordinated debt raise for British Steel. This transaction was completed using a ‘first-in-last-out’ structure, the first of its kind in the European asset-backed lending (ABL) market.

On the back of this and other complex ABL advisory completed in recent years, Jacco Brouwer and Tom Paterson discuss how temporary borrowing power can be maximised by “stretching” the balance sheet.