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Vedanta Hedging assist Market Tech with £900m refinance

Camden property giant Market Tech completes £900m refinance

Article: Wednesday Dec 16th , 2015

Abhishek Sachdev & Mayad Rassam of Vedanta Hedging assisted listed business Market Tech Holdings (formerly Camden Market) to refinance £900m of debt. This involved refinancing from Nomura Bank to AIG Asset Management.

Vedanta Hedging provided debt structuring advice as well as hedging advice to the company. Market Tech Holdings has agreed a £900m secured debt facility with an initial term of 10 years.

The facility comprises a committed £300m term loan, with a further £100m to be drawn down in May next year.

A further £50m is available for draw down until December 2017.

There are also two further drawdown pools of £150m and £300m available, subject to lender consent.

The company will use the facility to pay existing debts of around £202m, owed to Nomura International and Bank of Cyprus.

Charles Butler, CEO of Market Tech Holdings, said: “I am very pleased to announce this landmark agreement for Market Tech allowing flexible access to senior secured debt at competitive interest rates.

“The facility provides the company with stable long term funding, enabling us to drive shareholder value by delivering on our medium and long term acquisition and development strategy.”

Market Tech owns approximately 14 acres of real estate assets in Camden, including the Stables Market, Union Street Market, Camden Lock Market and Hawley Wharf.

The facility was arranged by AIG Asset Management (Europe) Limited.

 

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.