Independent UK law firm Burges Salmon has advised longstanding client HSBC on a combined £18.5 million loan to Safestay, the AIM-listed company that owns and operates an international brand of contemporary hostels.
The refinancing includes a Term Loan and a new Revolving Credit Facility to support Safestay’s future growth plans, including the recent acquisition of a new property in Edinburgh.
The Burges Salmon team advising HSBC on the transaction was led, on the banking and finance side, by partner Katie Allen, associate Samir Younes and trainee solicitor Georgia Hanson, with partner Robert Forman and director Christopher Bartlett advising on the real estate aspects of the deal.
Katie comments: “It has been a pleasure to facilitate this significant refinancing on behalf of HSBC, affirming our client’s confidence in the Safestay group and supporting the company’s future growth plans.”
Christopher Liddiard, relationship director at HSBC noted that: “Since the pandemic, hostels have become an increasingly exciting, growing segment of the hospitality industry, and supporting Safestay’s growth strategy reflects our wider focus at HSBC UK of supporting across the full spectrum of accommodation businesses.”
Burges Salmon’s Banking and Finance team handles complex financing transactions for clients on both a UK and cross-jurisdictional basis, acting for some of the world’s largest banks, building societies and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally. The firm’s Built Environment sector group is nationally recognised for providing strategic and practical legal advice on developing, investing in and occupying all forms of UK property, advising organisations operating in many of the UK’s industry sectors including real estate, energy, banking, transport and food and farming.