Refinancing for The King’s School in Macclesfield
Allia C&C is pleased to announce that it has acted as the treasury advisor and arranger to The King’s School in Macclesfield (King’s), on the refinancing of its existing bank loan with a new lender.
King’s is one of the leading schools in the North West of England that has grown to a pupil roll of 1,330 since its move to a new 80 acre purpose built campus on the outskirts of Macclesfield in 2020. King’s has a strong academic, sporting and extra curricular reputation. In its last ISI inspection it was rated Excellent in all categories.
King’s was looking to raise £15m to refinance the debt taken on to partly fund the £65 million development of its new state-of-the-art school campus. Allia C&C’s role included preparing the investor presentation, identifying potential Bank and Private Placement lenders, managing the tender process, negotiating improvements to the terms and providing recommendations to the King’s governing body.
Offers were received from eight banks and one private placement provider, reflecting the strength of the credit. With advice from Allia C&C, King’s opted to split their lending through a combination of a Term Loan (£10m) and Revolving Credit Facility (£5m) at a significantly lower margin than their existing debt facility.
Commenting on this result, Jonathan Spencer-Pickup, Finance Director of The King’s School in Macclesfield said: “The School has secured new facilities at excellent rates and we now have the funding in place for further development of our new campus. The team at Allia CC who are specialists at supporting charity and not for profit organisations to meet their funding needs were able to get high quality lenders interested in the school and help us secure excellent long-term facilities.”
Adrian Bell, CEO of Allia C&C said: “We were delighted to support King’s Macclesfield as it embarked on the refinancing of its existing facility. This has left King’s in a strong position to continue its operations with the support of a major High Street Bank. King’s new campus provides pupils with the opportunity to learn and grow, to achieve their maximum potentials; we are pleased to be part of their journey.”
Allia C&C provides advisory and arranging services to a wide range of borrowers, from charities to commercial businesses and public sector bodies alongside intelligence and brokerage services for investors.
Notes:
Allia C&C is a leading responsible finance intermediary. It is owned by UK charity Allia, which has been a pioneer in social investment innovation since 1999. With offices in London, Cambridge and Glasgow, it offers a full range of advisory and arranging services to borrowers alongside intelligence and brokerage services for investors.
Allia C&C’s focus and expertise is connecting investors with organisations making positive social impact – whether as their core purpose, like charities and social enterprises, or as part of a strong commitment to being a responsible business.
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