Travers Smith LLP has advised Muzinich & Co. Limited (“Muzinich”) in relation to the provision of a debt package totalling £18million to Phaidon International (“Phaidon”), a specialist recruiter operating in the US, Europe and Asia. The purpose of the financing is to support further international expansion of Phaidon and to allow management to realise some of their investment via a dividend.
Muzinich is an institutional asset manager specialising in corporate credit which announced the first closing of its debut UK Private Debt fund in January this year. The fund is targeting £350m in assets and lends to UK companies with an annual EBITDA of between £3m and £20m.
The Travers team was led by head of finance Matthew Ayre supported by senior associate Matthew Smith.
Phaidon were advised by Catalyst Corporate Finance (debt advisory) and Osborne Clarke (legal)