Former CreditSquare transactions

CreditSquare’s original transaction page listed assignments it had worked on as a debt adviser. Three acquisition facilities illustrate the difference between the purpose of a loan, its size and the identity of the party providing the cash.

Stirling Chase and Tavistock

A 15 July 2014 announcement described a £1.35 million, three-year facility for Stirling Chase arranged through ThinCats. The transaction note explains how the marketplace fitted into the financing.

In March 2016 the historical ledger recorded a £2 million secured term facility from Assetz Capital supporting Tavistock Investments’ acquisition of Abacus Associates Financial Services. For a buyer, the amount financed and the price of the shares are separate figures. Cash equity, deferred consideration or other facilities can cover the balance of the purchase.

The Raphael Hospital and Glenside Care Group

In November 2017 Castle Corporate Finance reported that CreditSquare originated a £25 million facility from a specialist direct lender for The Raphael Hospital’s acquisition of Glenside Care Group. Castle identified the financing amount and described the purchase price as undisclosed. Attributing the facility to the lender and its origination to the adviser keeps their respective roles clear.

For a current worked example, see planning an acquisition loan. It shows how a buyer can reconcile the agreed price to cash required at completion.