Apollo lends Canary Wharf £610mn in crucial refinancing deal

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Financial Times 2w ago

Apollo lends Canary Wharf £610mn in crucial refinancing deal - Financial Times

Quick Summary:

The ratio of CWG’s earnings before interest and tax (ebit) to its interest costs declined to 0.9 as of June, according to Moody’s.

Similar to other big commercial landlords, CWG has not felt the full effect of rising interest rates over recent years because the majority of its debt has fixed or capped interest rates.

CWG had discussed taking the new loan from a group of banks, but chose Apollo, in part because the firm was able to move quickly and cover the entire value of the loan.“Being able to deliver a transaction in good time . . . was very important,” Worthington said.