Leveraged & Acquisition Finance

Centre of excellence for Sponsor-backed financing and Corporate merger and acquisition

We originate, structure and execute debt solutions throughout the corporate lifecycle, including acquisition financing, leveraged buyouts, merger financings, bridge financings, recapitalisations, refinancings and post-initial public offering financings.

Why NatWest?

We have extensive experience with 20+ years of unbroken capital markets activity, underpinned by strong client relationships with Sponsors and Corporates.

We are a London-based centre of excellence with 35+ market facing professionals and a broad UK and pan-European mandate.

We have built a diversified portfolio of M&A and non-investment grade lending over a number of years and as a result we have a deep understanding of a variety of sectors, as well as the M&A and buy-out markets.

In the Sponsor space, we have a leading capital market franchise across leveraged loans and high yield bonds, with underwrite and best efforts capabilities across GBP, EUR and USD. We also offer both senior and super senior acquisition finance facilities (on a club basis) and have an innovative product franchise in the UK mid-market with senior co-lending arrangements and synthetic unitranche alliances with a wide range of institutional debt fund investors.

In the Corporate financing space, we support Corporate clients looking to access the high yield bond and/or institutional loan markets, and lead on all material Corporate M&A financings via best efforts, bridged, backstopped and underwritten deals across GBP, EUR and USD.

Our areas of expertise

  • Leveraged Loans (both syndicated and club) across products (e.g. revolving credit facility, acquisition facility, Term loan A) and structures (e.g. super senior, pari-passu)
  • High yield bonds
  • Bridge financing
  • Underwriting
  • Acquisition finance (both syndicated and club)

Finance is subject to status. Security may be required. Product fees may apply

£3.4bn of capital currently deployed across c.220 Sponsor-owned assets

Contact us

To discuss your business requirements and how NatWest could support you, contact us today:

Etienne Hairy - MD, Head of Sponsor Leveraged Finance

Nathan Stromberg - MD, Head of Corporate Acquisition and Leveraged Finance

Sponsor - Syndicated


EUR 320,000,000 4.625% 5.5NC2 Senior Secured Notes
EUR 365,000,000 E+500bps 5.5NC1 Senior Secured FRN

Joint Global Coordinator: NatWest Markets, July 2021, Germany

Solina Group

EUR 585,000,000 7 year Term Loan B

Joint Bookrunner: NatWest Markets, June 2021, France


EUR 1,090,000,000 5 year Term Loan B
EUR 525,000,000 5NC2 Senior Secured Notes

Joint Bookrunner: NatWest Markets, June 2021, The Netherlands


EUR 350,000,000 7 year Term Loan B

Joint Physical Bookrunner and Mandated Lead Arranger: NatWest Markets, June 2021, Sweden

IVC Evidensia

EUR 608,000,000 Term Loan B (Reprice) Due February 2026
EUR 256,000,000 Term Loan B (Add-on) Due February 2026
EUR 219,000,000 Term Loan B (Add-on) Due February 2026

Joint Physical Bookrunner: NatWest Markets, April 2021, United Kingdom

Planet (previously Fintrax)

EUR 63,000,000 cov-lite TLB add-on Due December 2024

Sole Active Bookrunner: NatWest Markets, June 2020, Republic of Ireland

Sponsor - Mid-Market

Vermeg Group

EUR 120,000,000 Senior Facilities

NatWest, July 2021, Netherlands

GL Education

Undisclosed Senior Facilities

Arranger: NatWest, June 2021, United Kingdom

Opus 2

Undisclosed Super Senior Revolving Credit Facility Management Buyout

Super Senior Lender: NatWest, May 2021, United Kingdom


Undisclosed Super Senior Term Loan Leveraged Buyout

Arranger: Natwest, April 2021, The Netherlands


GBP 20,000,000 Super Senior Facility Management Buyout

Lender: NatWest, March 2021, United Kingdom

Third Bridge

Undisclosed Senior Facilities Leveraged Buyout

Joint MLA and Bookrunner: NatWest, February 2021, United Kingdom

Corporate Financing

Jaguar Land Rover

EUR 500,000,000 4.500% 7NC3
USD 500,000,000 5.500% 8NC3 Senior Notes

Joint Senior Bookrunner: NatWest Markets, July 2021, United Kingdom


GBP 250,000,000 5NC2 Seniro Notes

Joint Physical Bookrunner: NatWest Markets, June 2021, United Kingdom


GBP 675,000,000
USD 850,000,000 10NC5 Senior Secured Notes

Joint Bookrunner: NatWest Markets, June 2021, United Kingdom


GBP 600,000,000 6.125% 5NC2 Senior Secured Notes

Joint Global Coordinator: Natwest Markets, June 2021, United Kingdom

Gatwick Airport

GBP 450,000,000 4.375% Senior Secured Notes Due 2026

Joint Global Coordinator and Joint Bookrunner: NatWest Markets, April 2021, United Kingdom

Drax Group plc

EUR 250,000,000 2.625% 5NC2 Senior Secured Notes

Joint Active Bookrunner & ESG Ratings Advisor: NatWest Markets, October 2020, United Kingdom