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Travers Smith advises Volex on its $200 million refinancing


Travers Smith LLP has advised Volex plc (Volex), the global integrated manufacturing and power product specialist, on the refinancing of its existing $100 million revolving credit facility. The new facility completed with a syndicate of five banks consists of a $200 million committed facility structured as a $125 million revolving credit facility and a $75 million term loan, with an additional $100 million uncommitted accordion, increasing Volex's capacity for investment in future growth.

The facility and the accordion will provide Volex with additional liquidity to support Volex's ambitious growth strategy, based on further investment in attractive organic and inorganic growth opportunities. Volex also benefits from more relaxed financial covenants to provide increased flexibility to accommodate their future acquisitions.

Volex is a leading integrated manufacturing specialist for performance-critical applications and supplier of power products. It serves a diverse range of markets and customers, with particular expertise in cable assemblies, higher-level assemblies, data centre products, electric vehicles and consumer electronics. Headquartered in the UK, Volex operates from 20 manufacturing locations with a global workforce of over 6,900 employees across 22 countries.

The Travers Smith team was led by Finance Partner Katie McMenamin with support from Senior Associate Rachel Carling, Associate Fiona Cantlay and Paralegal Sam Simkins.

Jon Boaden, Chief Financial Officer of Volex, commented "We are pleased to have enlarged our credit facilities at an improved margin, reflecting the strength of support from our relationship banks and their confidence in our strategy, business model and long-term growth plans. We are also grateful for the continued support of Travers Smith on this refinancing. The facility will provide us with additional liquidity and improved flexibility to invest in high-growth organic opportunities, as well as further acquisitions, where we have a strong and demonstrable track record of value creation."

Partner Katie McMenamin added "We are very pleased to once again support Volex on its refinancing. We have established a strong relationship with Volex over several years and developed an in-depth knowledge of its financing arrangements and its relationships with its bank syndicate. These new facilities will strengthen its ambitions to deliver sustainable growth as it continues to perform robustly, successfully navigating the current supply chain challenges."


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