Services

Delivering financial solutions to host some of the UK's biggest events

Macquarie structured and led the financing to support LDC’s acquisition of the NEC Group, delivering a facility tailored to the Company’s needs.

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Sector	Services
Sub-sector	Real Estate
Location	United Kingdom

Opportunity

Macquarie was approached by LDC to facilitate a debt financing for its £307 million acquisition of the NEC Group from Birmingham City Council. The NEC Group is comprised of the UK’s leading live exhibition, arena and conference venues, hosting more than 700 events attracting 4 million visitors a year to many of the UK’s largest exhibitions as well as significant political and trade conferences, some of the biggest music and comedy acts and various top class sporting events.

Approach

LDC required a financing provider who could work flexibly alongside them to provide the Company with a bespoke financing structure reflecting the individual needs of its unique business today while supporting its future growth and development. The provider needed to offer certainty, so saving LDC from having to deal with a broad syndicate of lenders, within the process timeline.

Outcome

In January 2015, Macquarie acting as Lead Arranger of the debt financing, originated and structured the financing as a bespoke unitranche loan with a 6½ year maturity. Macquarie also sourced suitable co-lenders with similar outlooks on the NEC Group as a landmark asset in the UK. Macquarie intends to retain a significant holding until maturity.

“Macquarie has played a key role in coordinating as lead participant of our financing arrangements and has been instrumental in completing this deal. They worked alongside us in a very flexible way, taking the time to understand the business, develop a bespoke financing structure and source appropriate co-lenders. We are looking forward to working with them going forward.”

Martin Draper, Chief Executive Officer at LDC

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Macquarie Capital

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