International law firm Weil, Gotshal & Manges has advised leading fleet management and vehicle outsourcing provider, Zenith, on the refinancing of its senior credit facilities and associated securitisation financing.

The refinancing is the result of a rapid deleveraging of Zenith's business over the last three years, following the acquisition by Morgan Stanley Global Private Equity (MSGPE) of a stake in the company in 2010 (on which Weil advised MSGPE). As a result of the refinancing, Zenith's improved capital structure positions it favourably to pursue future strategic growth opportunities.

The team was led by Structured Finance partner Rupert Wall together with Banking partner James Hogben, with assistance from associates Georgina Wilson, Natalie Dyce and Emma Robinson. Weil has advised Zenith on its financing structure since MSGPE's acquisition of a controlling stake in the company in 2010. In 2011 Weil's Structured Finance team helped Zenith establish an innovative fleet financing structure, utilising both asset based lending and asset backed commercial paper conduit financing, for which the Structured Finance team was nominated for British Legal Awards' Finance Team of the Year.

Mark Phillips, Chief Financial Officer for Zenith who led the refinancing said, "This was an extremely complex and technical refinancing as the new facilities had to sit alongside well in excess of £0.5bn of asset finance facilities. Weil have advised the company on all of our banking and financing arrangements since the acquisition of the business by MSGPE, including the ground breaking securitisation program in 2011. Yet again, the Weil team led by Rupert Wall and James Hogben were outstanding and clearly demonstrated why they are ranked as one of the leading finance teams in the country".

Structured Finance partner Rupert Wall commented "We have worked in partnership with MSGPE and Zenith on their financing structures for a number of years now and are delighted to have been able to help their continued growth with this latest refinancing."

Weil's Structured Finance team has been increasingly active in the auto-lease, loan and fleet financing securitisation sectors over the last few years, acting for a variety of originators and arrangers on both public and private deals in both the UK and the US and is acknowledged as a leading firm in the auto securitisation sector, with stand-out securitisation practices on both sides of the Atlantic.