10 November 2020

MPE Properties Ltd. redeems MTN Programme in full

In March 2015, MPE Properties Ltd raised £1,050,000 under the terms of an MTN programme arranged by LGB.

The proceeds were used to purchase a factory in Northern Ireland that was accredited for the production of aircraft components. This was in conjunction with a private equity acquisition of the operating company. The transaction soon hit turbulence with an early sale of the business out of administration. LGB was involved in the negotiation of a lease with the new owner and also with the eventual sale of the property. Because of the difficult business environment in 2019 and 2020, the issue was extended until the sale of the property was completed on 30th October 2020.

It was necessary for noteholders to agree to a revision to the amortisation schedule of the issue upon the change of ownership of the operating company, but otherwise, they received interest payments at the scheduled rate of 10.5% p.a. until the original maturity date and then at 14.0% p.a. during the extension period. The successful outcome highlighted the resilience of the programme structure, with LGB acting on behalf of noteholders in its additional capacity as security trustee.

Recent Articles

28 April 2021

The start of a supercycle?

With the UK government last year announcing that green hydrogen was to be central to the country’s ‘green industrial revolution' and the EU’s hydrogen roadmap forecasting €500bn being invested in the transition to a hydrogen-based economy by 2050, Read more

News & Insights

26 April 2021

Time Finance - Latest Issue

We are pleased to announce the successful completion of a £2 million note issuance under the Time Finance plc (formerly 1pm plc) MTN programme. 

Read more

Deals

20 April 2021

Market Commentary - Q1 2021

Q1 2021 was marked in the UK, and the US which continues to set the tone for world markets, by cautious optimism that the vaccine rollout will work, and that economies will restart. Read more

News & Insights