The refinancing of Uniphar Plc has won the Loans and Financing Deal of the Year: Mid Market. In November 2014, Bank of Ireland Corporate Banking successfully completed a bespoke package of banking facilities on a bi-lateral basis to Uniphar Plc - one of the leading market players in drug wholesale and distribution in Ireland. The transaction allows Uniphar Plc to position itself for growth with a stronger balance sheet and overall improved credit profile, while it will also benefit from reduced interest payments and negotiated improvements to the deal structure.
The transaction was the largest in the Irish corporate mid-market in 2014, with working capital, term debt, growth capex and acquisition facilities provided 100 per cent by Bank of Ireland Corporate Banking to support the strategic objectives of the business. Bank of Ireland Corporate Banking provided clearing, ancillary and treasury facilities to Uniphar.

The transaction involved refinancing existing club facilities held with BOI, as well as providing additional headroom to expand its business domestically and in the UK. The transaction involved a significant level of bank facilities including term debt and working capital facilities (invoice discounting and overdraft), provided by Bank of Ireland Corporate Banking in conjunction with Bank of Ireland Commercial Finance, Global Markets and the Retail Division, which leveraged off a combination of Uniphar Plc’s strong debtor book and cash flow.

Uniphar is one of the largest healthcare services companies in Ireland providing fully integrated distribution of medicines and sales and marketing support for pharmaceutical, veterinary, medical and consumer manufacturers.

Bank of Ireland Corporate Banking has a longstanding relationship with Uniphar working with the company over many years on its key strategic and growth initiatives. The transaction marked the culmination of a four year transformational reorganisation of Uniphar led by CEO Ger Rabbette. The transaction provides long term facilities to the company and the platform to grow the business successfully in to the future.

Pat Gaynor, managing director, Bank of Ireland Corporate Banking said, ‘we have a longstanding relationship with Uniphar and were delighted to work with the company and its corporate finance advisors Capnua to structure a debt package that matches the working capital and growth requirements of the business. We look forward to working with Uniphar for many more years to come.’
Speaking to Finance Dublin, Ger Rabbette, said ‘We have restructured our business over the past 4 years, investing in state of the art technology, facilities and building a best in class team. Uniphar is positioned to maximise growth opportunities both in Ireland and the UK. Bank of Ireland invested a lot of time to really understand our business and strategic objectives. We set ourselves a challenging timetable to complete the deal and the team at Bank of Ireland ensured we met it.’

Speaking to Finance Dublin, Eamonn Hayes, managing director of Capnua said ‘We are delighted to have been able to work with Bank of Ireland Corporate Banking and Uniphar plc in securing an innovative and tailored senior debt funding package to meet Uniphar plc’s ongoing working capital and growth financing requirements.’

‘This was a milestone transaction which will facilitate and ensure Uniphar’s position as a market leader in the pharma sector,’ said Rachel Stanton, partner from the William Fry banking & finance department.

Arthur Cox acted as legal adviser to the Bank. William Fry acted as legal adviser to Uniphar Plc. Capnua acted as adviser to Uniphar. Bank of Ireland acted as arranger.