The £1.5bn Hercules Unit Trust has secured crucial funding from the Canada Pension Plan Investment Board to help pay bondholders in a restructuring of a £800m debt facility.
The Financial Times says the attempt to restructure the UK’s largest retail park fund is an important market test case of the ability to renegotiate the billions of pounds of securitised debt due for repayment in the next few years.
The fund’s bondholders have until July 6 to accept the offer. British Land and Schroders run Hercules.
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