April 2024 – We are pleased to announce the successful closing and funding of a new $500 million senior debt facility that will be used to refinance the Group’s existing loan facilities (the “Transaction”).

The $500 million 6-year term loan and $50 million committed delayed draw term loan will enable the Group to repay its existing senior finance facility, repay a proportion of its PIK facility, and continue to make further strategic investments within its superalloy and precision casting businesses to facilitate its growth.

PGIM Fixed Income structured and anchored the financing and were joined by other leading lending institutions. The Doncasters Group will maintain its current ABL facility that provides up to $110M of availability, further supporting both organic and inorganic growth opportunities in its core superalloy and precision casting markets. Jefferies LLC acted as sole financial advisor to the Company and Paul Hastings and Pinsent Masons acted as the Company’s legal counsel. Akin Gump acted as counsel to PGIM.

Mike Quinn, Chief Executive Officer, commented: “The completion of a new senior debt facility provides us with a longer-term flexible capital structure that will allow us to leverage growth opportunities as we continue to focus on the manufacture of complex, high performing, precision products for the aerospace and industrial gas turbine industries. We would like to thank the new and existing partners for their confidence and commitment to Doncasters.

“This financing will enable Doncasters to continue to earn market share in the fast-growing global aerospace sector and enable us to make additional investments in new equipment and manufacturing locations to support the contract wins that have been secured over the last twelve months. We look forward to continuing to deliver for our valued customers across the US, Europe, and Asia into the future and thereby drive further value creation for our stakeholders. Doncasters has made substantial progress in recent years growing market share and profitability and management remains focused on future opportunities for the Company.

Rishav Puri, Principal at PGIM Fixed Income commented: “We are excited to partner with Doncasters’ talented management team and are pleased to provide a customised capital solution to support the Company’s continued growth.”

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