In simple terms we are debt finance specialists. But our strengths go much further than that. We’re a business built on tenacity and ambition. The tenacity to challenge rigid methods and standard solutions. The ambition to offer something distinctive and better.
Drawing on extensive specialist expertise in real estate, renewable energy, core infrastructure and social infrastructure, we have the knowledge and agility to uncover financing opportunities others don’t see. We continuously explore smarter ways to structure transactions so they deliver greater value – whichever side of the table you’re on.
Most importantly of all, we work at the centre, not the edge, of every transaction we do, managing the process from inception to funding. Diligent, supportive and resourceful, we’re there with you – leaving no stone unturned to get the best possible deal done, to everyone’s satisfaction.
In the field of debt finance the old saying that there’s ‘more than one way to skin a cat’ still holds true. Sadly, that’s not the view that many in our industry take. The result is an uninspiring way of working that fails to maximise opportunities or deliver real value.
We work differently. Utilising our vast experience we aim to find smarter ways to fund and structure debt financings to your best advantage. After all, isn’t that exactly what financing specialists are supposed to do?
Going above and beyond
Introducing borrowers to investors is only part of the story. Success depends on bringing deals to fruition. There’s a skill to that, which is where our experience and expertise comes in. Diligent and tenacious, we closely manage every deal we do: supporting, advising and resolving to ensure that each deal closes on time and on budget – leaving no stone unturned.
IDCM has assisted a wide range of borrowers in the Real Estate sector where our unique added value is in our ability to structure and place secured and unsecured transactions that suit and rely on the particular features of our client’s business model rather than traditional asset backed financing solutions.
We have pioneered debt capital markets financing solutions to the renewable energy sector. As early as 2012, we structured and arranged the first ever solar bond, refinancing two UK ground mounted assets. Since then we have arranged transactions for different technologies across the UK, Europe and the US.
In addition to raising debt for traditional infrastructure borrowers such as ports and utilities, we have a strong reputation for structuring and placing debt transactions for new borrowers and sub sectors in the ever popular real assets space, such as raising secured debt finance for a portfolio of battery storage assets in the UK.
Following a number of successful long dated financings arranged by IDCM that PHP has already completed to fund for their portfolio of Primary Care Centres based in the UK, the company mandated IDCM on this occasion to find long term finance for its growing portfolio of assets in the Republic of Ireland.
Investors were offered similar terms and conditions as in PHP’s previous Sterling denominated transactions and despite credit spread volatility in the public markets, the private placement market enabled them to achieve the same spread as on their most recent Sterling transaction, albeit pricing over Euro Mid Swaps rather than UK Gilts.
This enabled PHP to achieve a blended fixed rate of 2.497% and a weighted average maturity of 10.4 years.
“PHP’s first Euro PP and our fourth debt transaction with IDCM. As ever, IDCM proved attention to detail and going the extra mile results in great execution and pricing.”Richard Howell Finance Director
IDCM arranged a £66.5 million 7 year fixed rate term loan for Industrials UK LP, a subsidiary of Stenprop Limited, secured on a granular portfolio of multi-let industrial assets located across the UK.
Through a detailed knowledge of the market IDCM were able to quickly focus discussions with relevant potential lenders and concentrate on achieving the desired structure at the best possible margin.
IDCM managed the transaction from inception, through the negotiation of terms to completion / drawdown of funds, despite the impact on working practices and financial markets caused by the COVID-19 pandemic.
IDCM worked closely with Stenprop to deliver this refinancing and achieved a cost of debt that was well below the group’s prior all-in weighted average cost of debt.
“I enjoyed working with the IDCM team who were very professional and ran a thorough process, enabling us to achieve a well documented facility and attractive pricing.”James Wakelin Head of Debt and Special Projects
Enpal mandated IDCM to structure and arrange the financing of a 3,700 solar rooftop portfolio in Germany. IDCM ran a competitive process, approaching both institutional lenders and banks. A single bank was selected from those shortlisted. IDCM built the initial financial model, managed the detailed due diligence process working closely with all third party advisors and provided support during the documentation phase.
IDCM worked closely with Enpal throughout this innovative transaction, which is the first of its kind in Continental Europe.
“Through their deep market knowledge, IDCM were able to provide excellent guidance throughout this dynamic transaction and proved to be a very reliable and pragmatic advisor.”Viktor Wingert CFO
PiP mandated IDCM to refinance a 32MW portfolio of onshore wind turbines located across the UK and Ireland.
IDCM managed the entire process throughout the Covid-19 lockdown, to remotely deliver and execute the refinancing; working closely with all the advisors (legal counsel, technical, insurance, hedging, tax, accounting and model audit) from due diligence through to completion of the restructuring and draw down of the new facilities.
We worked with the Sponsor and their advisors to restructure the ownership of the portfolio, whilst enabling the existing lenders to be refinanced and delivering the optimal structure for the Sponsor and the incoming lender.
This refinancing delivered the Sponsor an improved equity yield and operational management of the portfolio going forward.
“A great partner to work with bringing drive, enthusiasm and empathy to a complex process. Lateral thinking and tenacity found a solution that met our objectives despite the challenging backdrop of a unique pandemic. ”Ed Wilson Chief Investment Officer
Following the removal of Cayman registered companies from its debt platform, we arranged this dual tranche private placement for Yorkshire Water providing long dated, 16 year and 20 year fixed rate funding. The investor that we identified had not previously invested in Yorkshire Water and so this transaction further diversifies Yorkshire Water’s investor base.
Proceeds from the transaction are being used to fund Yorkshire Water’s ongoing business activities. This is the third private placement transaction that IDCM has arranged for Yorkshire Water.
“IDCM provided advice and assistance from initiation that ensured Yorkshire Water achieved a tightly priced and smoothly executed financing with a new investor”David Gregg Interim Head of Tax and Treasury
Following the successful refinancing of their solar portfolio in 2013 and 2015 with IDCM, Gresham House New Energy (formerly Hazel Capital LLP) mandated IDCM to arrange debt finance for three battery storage sites delivering frequency control and capacity market services to the national grid.
Given the nature of underlying revenue stack, this was a challenging transaction for which IDCM built a fully functioning transaction model including taking it through the audit process. It is a clear testament to our ability to close complex transactions and deliver bespoke financing solutions to our clients.
“They did a great job of managing the whole process and all the relevant parties involved from start to finish. We look forward to reaching out to them again!”Ben Guest Fund Manager, Head of British Strategic Investment Fund
TP Social Housing REIT is landlord to Registered Providers who offer community based assisted living to elderly people and vulnerable adults. The REIT was established as recently as September 2017 and shortly thereafter appointed IDCM to assist with their inaugural debt raise. This was only the third transaction from this relatively new sector so investor education was key. With a collateral pool of 145 individual assets the property due diligence work was an important consideration in the delivery of the financing solution.
The borrower achieved the longest tenor and the tightest spread in the sector to date.
IDCM were mandated by Target to arrange a £50m 12 year Term Loan, secured on a pool of modern purpose built care homes in the UK. We were pleased to have concluded this refinancing in what is generally seen as a “difficult” sector with a chequered past, in which highly levered operators and conservatively geared landlords, such as Target, are all too often tarred with the same brush.
A single institutional investor provided the funds for what, we believe, is the first long dated institutional corporate (non CMBS) debt transaction for a landlord in the Care Home sector.
IDCM worked closely with potential investors to help them appreciate the difference between the landlord and operator model. We carefully structured the transaction to allow Target sufficient operational flexibility.
“Achieving our goal was in no small way attributable to IDCM’s tenacity, their understanding of the merits of our business model, and their commitment to being advocates of ours to the lending community.”Gordon Bland Finance Director
With big ambitions and the highest standards.
Providing the best answers, not the easiest ones.
Backing-up what we say with clear evidence and specialist expertise.
Supporting our clients and each other, however tough it gets.
Drawing on our extensive experience and strong networks to find better solutions.
Going beyond the expected to offer something fresh and interesting.
Stuart is a co-founder and Board Member of IDCM and started the business to open up and develop the debt capital markets to mid-caps as he believes the bank’s standardised funding model is not suitable for every borrower.
Approaching every deal with clear insight and intelligence, together with Elise Huttenga he has developed IDCM’s business in the Real Estate, Social and the wider Infrastructure sectors, gaining a reputation for finding the funding structure and solution that works best for each situation and client.
It has proved to be a distinctive and successful formula and each transaction provides clear evidence that by applying careful thought and years of experience, IDCM can deliver a better funding outcome for their clients.
Before founding IDCM in 2009, Stuart’s 30 plus year career involved holding senior positions in Trading, Syndicate and Debt Capital Markets at SG Warburg, Kleinwort Benson, Credit Suisse First Boston and latterly as Head of European Corporate DCM at ABN AMRO.
Justin is a co-founder and Board Member of IDCM. Whilst he spends much of his time working on transactions in the Renewable Energy sector, Justin also utilises his expertise and experience in other sectors to develop the business more broadly.
Justin has always been of the view that longer term debt is best provided by institutional investors and this fuelled his vision for IDCM. The fact that private debt provides a flexible and cost-efficient source of funding for companies is borne out by the many transactions IDCM have successfully structured and arranged for their clients.
Justin’s successful career is rooted in a ‘can do’ attitude and attention to detail – a combination that has served his clients well for over 25 years.
Before founding IDCM, Justin was Global Head of Debt Capital Markets at ABN AMRO, responsible for all primary fixed income activities globally.
Elise is a Board Member of IDCM, together with Stuart Bell she is responsible for origination, structuring, and distribution of transactions for borrowers in the Real Estate and (Social) Infrastructure sectors.
Over the years, Elise’s transaction management, structuring and documentation skills have proven invaluable to many clients. Using her significant experience in direct dialogue with investors, lawyers and other advisers, she has pioneered structures and negotiated operational freedoms for both frequent and first time borrowers. She has a keen eye for detail and a good sense for investor relations and marketing requirements.
Elise is the Board Member responsible for Compliance.
Prior to joining IDCM Elise was Head of UK and Dutch Corporate DCM at ABN AMRO in London, responsible for originating and executing debt transactions and liability management, across all major currencies.
Jean-Christophe is a Board Member of IDCM. He focuses primarily on the Renewable Energy Sector and has been at the forefront of developing IDCM’s business internationally.
Combining his in depth knowledge of renewable energy technologies and the relevant regulatory frameworks with his structuring skills, JC pioneered the development of an institutional debt market for renewable energy assets. He established the first conduit financing vehicle dedicated to renewable projects, The Renewable Financing Company. He also led the first debt financing for a UK battery storage project.
Prior to joining IDCM, JC worked at RBS where he was responsible for the origination and execution of all debt capital markets products for transport, infrastructure and TMT clients in the UK. He holds an Advanced Master degree in Finance from ESSEC Business School and an MSc in Economics from the University of Lyon.
Ben joined IDCM in 2018 with a focus on using his broad experience and contacts to develop and originate business opportunities with new clients for IDCM.
Ben has previously been a successful capital markets financier with Hambros Bank and RBC working in Canada, Australia, South Africa and the UK. Over 20 years he developed expertise across origination and syndication in developed and emerging markets, cultivating, maintaining and servicing client relationships and providing innovative financing solutions in new sectors.
In recent years Ben set up a Private Investment fund in African Agriculture, establishing varied crop investment with, more recently, a focus on stevia. Ben was responsible for raising the funding for the fund through banks and investors using his experience in both infrastructure and development finance.
Bob has over 30 years of investment banking and advisory expertise and as a result has considerable experience of structuring and arranging different forms of financing across a broad range of sectors.
Bob has completed extensive advisory work including advice on how to move from secured to unsecured funding and liability management. He has arranged all manner of debt transactions from acquisition facilities, to the UK’s first single property securitisation as well as more mainstream bond and convertible issues for a range of UK corporate borrowers.
Before working with IDCM as a Director, Bob was head of UK Capital Markets Origination at Dresdner Kleinwort and prior to that was at Baring Brothers & Co Limited.
Antoine is an integral part of the IDCM team working on projects across sectors.
Antoine’s dedication, gregarious nature and likeable personality mean clients and colleagues alike enjoy working with him. Antoine is involved in the execution of a variety of transactions, shifting his attention quite happily from complex models and renewable energy projects to secured debt transactions for landlords in the primary care property and care home sectors.
Prior to joining IDCM he worked in the banking division of St. James’s Place, a large UK wealth manager.
Karen is an Associate at IDCM, having originally joined the business as an intern. Karen supports the team on transactions across sectors. She conducts research and financial analysis and assists with the execution of transactions.
Before joining IDCM, Karen studied at the University of York where she obtained a BSc (Hons) in Economics
Harry is an Associate at IDCM, having originally joined the business as an intern. Harry supports the team on transactions across sectors. He conducts research and financial analysis and assists with the execution of transactions.
Before joining IDCM, Harry studied at the University of Edinburgh where he graduated with an MA (Hons) in Economics and Economic History.
Jonathan is responsible for IDCM’s accounting, secretarial and administrative function.
Jonathan is a solicitor who was Finance Director and General Counsel of a quoted institutional corporate broker, Westhouse Securities PLC, having been Company Secretary and an executive director of Hanson PLC and chief of staff for Lord Hanson.
IDCM Limited is an appointed representative of Boston and Alexander LLP which is authorised and regulated by the Financial Conduct Authority.
IDCM will from time to time team up with other specialist firms, including corporate finance boutiques and Guy Butler, who are an independent institutional credit specialist that trades fixed income securities and a shareholder in IDCM.
12a Upper Berkeley Street