Irish investment company Vico Capital has secured a £107m refinancing of 17
The restructuring of the debt on the property, which is the European headquarters of Credit Suisse, was arranged by Duet Private Equity through its mezzanine platform with funding from
Vico is currently embroiled in legal proceedings with the government-owned Bank of Ireland, which wants the company to pay back €69.5m (£59m) of debt it claims it is owed on the group’s Irish assets.
It has alleged that BOI is pressuring holding company Redicent to sell one of its
The company, set up by Irish lawyer Brian O’Donnell and his wife, says it is in not danger of breaching its covenants and argues that BOI has no legal right to demand the sale of the
Vico Capital chairman O’Donnell said: “Vico Capital welcomes its partnership with MetLife and Duet Private Equity in completing a sophisticated and innovative transaction during a challenging period for the
Philip Moore, investment manager at Duet, said: “We are pleased to have completed such a complex transaction on a tight timeline. We believe this type of structure will serve as a template to refinance high leverage loans against high quality assets going forward.”
bridget.oconnell@estatesgazette.com
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