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.
When Shaftesbury wanted to discuss an early redemption and refinancing of high coupon legacy debt, they engaged IDCM to facilitate the negotiation with their loyal investor base. By offering investors preferred allocation in the refinancing, we were able to treat the buy back and new issue as a package deal; allowing Shaftesbury to prepay their debt on more favourable terms than the original documentation prescribed.
In recognition of our success and expertise, Shaftesbury appointed IDCM again on a further financing in 2017.
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
Specialist investment manager Oxford Capital mandated IDCM to structure and refinance a portfolio of residential and commercial rooftop and ground mounted solar assets located in England, Wales and Northern Ireland with a total capacity of 92MW. IDCM worked closely together with Oxford Capital to define and implement a long term contracting strategy for each of the projects and managed the detailed due diligence process.
With this capital raise, Oxford successfully completed the first phase of its EIS refinancing process.
“A complicated and difficult transaction. Unlike advisers, they are happy to roll their sleeves up and get things done – an invaluable quality and service.”Oliver Hughes Partner, Head of Infrastructure
Talesun Energy mandated IDCM to refinance their Italian solar PV portfolio which consists of commercial rooftop and ground mounted sites. Following thorough due diligence, we structured an innovative €40 million debt solution. Having obtained an Investment Grade rating and a listing for the transaction, we placed the bonds with our institutional investor base.
We believe this was one of the first rated and listed Project Bonds for solar assets.
“IDCM's professionalism and dedication were greatly appreciated and recognised”Mauro Pieretti Head of Legal and M&A
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
Charterhouse School asked IDCM to consider debt funding options that would allow them to deliver a number of capital intensive programmes that formed part of their long term development plan. We spent significant time assessing the affordability and structure of the various options in light of the School’s charitable status. Having settled on the optimal structure, we discretely approached a small group of investors who we knew understood the sector well in order to place the transaction.
We were delighted to enable the School to lock in fixed rate funding at interest rates close to their historical lows for the next 40 years.
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.