The debt facility, with an initial team of 10 years, comprises a committed £300 million term loan, with a further £100 million to be drawn down in May next year. A further £50 million is available for draw down until December 2017. There are also two further drawdown pools of £150 million and £300 million available, subject to lender consent.
Market Tech provides a leading online and offline retail destination, by pairing its online e-commerce business with some of the most iconic retail buildings in London, including the Camden Market Lock and Camden Market Stables.
The secured debt facility allows Market Tech to refinance its existing facility with Nomura International Plc and Bank of Cyprus.
Market Tech Chief Executive Charles Butler said: "I am very pleased to announce this landmark agreement for Market Tech allowing flexible access to senior secured debt at competitive interest rates. The facility provides the company with stable long term funding, enabling us to drive shareholder value by delivering on our medium and long term acquisition and development strategy."
Market Tech Holdings Limited, the ultimate parent company for the Market Tech Group, is a Guernsey incorporated AIM listed company with a market capitalisation of c. £975 million
Collas Crill acted for the Market Tech Group in the deal. Collas Crill's team comprised Partner Sean Cheong, Group Partner Nicholas Davies and Associates Simon Heggs and Shruta Nayak. The team advised on the Guernsey and Jersey aspects of the transaction while assisting Market Tech's onshore counsel, DLA Piper UK LLP.
Ms Cheong said: "This transaction will allow Market Tech to continue to build extensively on its business in the coming years. It is a great sign of confidence to see companies like Market Tech prepare for growth."
Market Tech was the largest listing on AIM of the London Stock Exchange (LSE) in 2014. The £750 million IPO was combined with an oversubscribed placing which raised £100 million before expenses.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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