Workdry International successfully completes strategic refinancing of its debt facilities to further accelerate growth and sustainability goals
Workdry International (“Workdry”), a market leading global provider of mission-critical water and wastewater asset rental solutions, is pleased to announce the successful completion of a strategic refinancing of its debt facilities. This milestone reflects the leading position that Workdry has built over several decades as a provider of essential water infrastructure solutions to water and wastewater utilities as well as diversified infrastructure and core industrial customers across the UK, Europe, and the US.
The refinancing strengthens Workdry’s ability to meet growing customer demand, supporting significant further investment in its fleet, innovation in the engineering and digitisation of its solutions, and continued expansion in key international markets and its portfolio of water handling and treatment asset solutions. This further planned investment will enable the business to continue addressing key water and wastewater industry challenges, including enhancing the effectiveness and safe operation, maintenance, renewal and upgrade of water infrastructure, replacing a broad base of ageing public infrastructure, addressing increasing quality and sustainability objectives, and maintaining infrastructure resilience in the context of increasing climate pressures.
Workdry worked closely with Arcus Infrastructure Partners (“Arcus”), Workdry’s majority shareholder following its acquisition of the business in 2022, to create a new finance structure together with several of the company’s existing lenders and a large group of new lenders to the business. The new bank and institutional facilities, which received an investment grade rating, have been established under a common terms platform. The platform gives Workdry access to the widest set of liquidity providers thereby ensuring the most competitive terms to support the growth of the business.
Dan Lee, Group CEO at Workdry, commented: “This successful refinancing reflects the strength of our outstanding business and the dedication of our global teams, who continue to design innovative water infrastructure solutions that enhance water quality for our customers and, ultimately, the wider public. The new facility empowers us to accelerate our strategic growth plans across the group’s international footprint, expanding and enhancing our delivery of innovative, mission-critical rental solutions through our mobile and modular fleet. This capability is vital as we address ageing water and wastewater infrastructure, increasing regulatory demand, and long-term climate challenges.”
Mike Greenwood, CFO of Workdry, added: “The refinancing package, completed on 7th August, totals £660 million, comprising £470 million drawn at close and a further £190 million committed in RCF/Capex facilities. This structure supports our long-term objectives and reflects our extremely robust market position and strong confidence from our valued lender partners in Workdry’s vision for the future. It positions us for continued investment in innovation and service excellence across our key markets.”
Jordan Cott, Partner and Head of Logistics and Industrials at Arcus, said: “The highly supportive financing package Workdry has now put in place reflects the strong position the company has built over decades as a leading provider of mobile and modular water infrastructure solutions. This milestone follows years of investment in and development of the Workdry business, and is a testament to the strength of the partnership between the Arcus and Workdry teams. Importantly, the excellent outcome reinforces our broader infrastructure and sustainability thesis on Workdry, underlining the fundamental and essential nature of its assets and solutions, its leading position as a mission-critical infrastructure provider to resilient end markets, and the unique opportunity the company has to partner with its customers to address broader water challenges today and into the future.”
This strategic move marks a significant step forward in Workdry’s growth journey, ensuring the business remains resilient, agile, and well-equipped to lead in the evolving infrastructure landscape.
The lender group supporting the refinancing includes: AllianzGI, MetLife, Edmond de Rothschild (EDRAM), HSBC, LBBW, MUFG, CA-CIB, NatWest, SEB, Rabobank, Nord LB, HCOB, Sabadell.
Workdry’s advisers on the refinancing included: Rothschild & Co (Financial Adviser), Latham & Watkins (Borrower Legal Counsel), Clifford Chance (Lender Legal Counsel), PwC (Financial and Tax Due Diligence), L.E.K. Consulting (Commercial Due Diligence).