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