Travers Smith LLP has advised OakNorth Bank plc ("OakNorth") on a new £40 million NAV revolving facility agreement (the "RCF") to Literacy Capital Plc ("Literacy"), a listed investment trust primarily focused on investing directly into private, UK-based businesses.
The new RCF has a three-year term, which will expire in September 2027, and provides Literacy with up to £40 million of funding.
£30 million is fully committed, with an incremental £10 million also available, which Literacy can utilise during the life of the RCF.
Charles Bischoff, Head of Finance at Travers Smith, commented: "We are delighted to have advised on this facility, further strengthening our relationship with OakNorth and supporting Literacy on their investment strategy."
Mohith Sondhi, Senior Director of Debt Finance at OakNorth, added: “Literacy and OakNorth continue to share the same values in terms of supporting UK growth businesses, and we’re thrilled to be able to once again help Literacy continue their own growth story. Working with a trusted partner in Travers Smith helped to deliver the transaction at speed which was key for all parties.
OakNorth’s fund finance offering, covering everything from capital call facilities, hybrid facilities, liquidity facilities, and NAV financing, is going from strength to strength, with this latest transaction being the perfect example of this. The facility will give Literacy the financial firepower to act quickly and secure future investment opportunities, and we look forward to supporting both Paul and Richard Pindar on more transactions moving forward.”
The Travers Smith team was led by Head of Finance Charles Bischoff with support from Senior Associate Adam Burk and Associate Ben Saunders.
