HSBC’s Midlands Corporate Banking team in Birmingham has supported the £400 million refinancing of Safestore Holdings. HSBC acted as the joint coordinating mandated lead arranger and bookrunner for the deal, along with RBS.
Safestore is the largest self-storage retailer in the UK and Paris, with 133 stores – five of which are in the Midlands – and a customer base of more than 45,000 personal and business customers.
The company now benefits from £400 million in lending facilities, with maturities ranging from 2016 until 2024. These new arrangements replace the previous £385 million facilities which were all due to expire in August 2013.
The new finance structure consists of £270 million and €70 million four year bank facilities, along with a £73 million US private placement with maturities due in 2019 and 2024.
Lloyds Bank and Santander completed the bank club, with their Birmingham and Nottingham offices working on the deal respectively, along with BRED Banque Populaire, Cathay United Bank, the Bank of Taiwan and Chang Hwa Commercial Bank.
HSBC’s Midlands Corporate team on the transaction consisted of deputy head of corporate banking Ian Stitt and corporate banking managers Ian Sharp and Sylvia Stefanowicz.
HSBC Midlands head of corporate Mark Harris said: “This transaction is an excellent demonstration of HSBC’s team in the Midlands working with colleagues from across the business in the UK and Europe to achieve a desired result for our customer.
“This was a complex deal involving a number of banks from across the globe, but provides financial stability to Safestore, along with the flexibility for it to continue its selective store expansion programme.”