Stephenson Harwood advises Ravensworth (International) Limited on financing of ProService Building Services Marketplace plc

Law firm Stephenson Harwood LLP has advised Ravensworth (International) Limited ('Ravensworth') on its purchase of £25 million floating rate secured convertible loan notes issued by ProService Building Services Marketplace plc ('ProService').

ProService is an AIM listed company operating a digital building services marketplace business, in which Ravensworth is an existing shareholder.

The notes, due 2031, formed part of a wider £60m refinancing of the ProService group’s existing secured facilities, including a £35 million asset-based lending facility provided by Leumi UK Group Limited ('Bank Leumi'), following the recent transformation of the group to a principally marketplace business.

Given ProService’s AIM listing, the equity-linked nature of the convertible loan notes and the inter-conditionality of the convertible loan notes and asset-based lending facility, the transaction involved close cooperation and coordination between our Corporate and Finance teams.

The Stephenson Harwood team was led by partner Ian Benjamin, with assistance from associate Thomas Birt. Corporate advice was provided by partner David Dowding and associates Tom O’Connor and Karin Asai.