NORD/LB, in conjunction with a consortium of international lenders, has announced a £360 million financing package for Premier Modular, the UK’s leading provider of high-quality modular buildings for social infrastructure.
The package includes a refinancing and CapEx facility that will support the continued growth of Premier Modular’s leading social infrastructure modular platform across the UK and Europe.
Europe and the UK are facing an urgent need for modern, flexible infrastructure solutions to replace ageing social infrastructure buildings quickly and efficiently. Premier Modular is helping to meet this demand through adaptable modular buildings that are faster to deploy, lower cost, and more sustainable than traditional construction, with an asset life of more than 30 years.
Over this period, its modules can be reused and reconfigured, enabling governments and public authorities to rapidly adapt social infrastructure to the changing needs of their populations.
The transaction represents another important deal for NORD/LB, further strengthening its presence, track record, and project financing capabilities in the social infrastructure sector. The bank will continue to build on this momentum by financing further projects that help fulfil Europe’s evolving social needs.
"We are pleased to back Premier Modular’s continued growth, supporting the expansion of its established and leading social infrastructure platform,” said Sean Cook, Head of Infrastructure Origination Europe at NORD/LB. “Across Europe and the UK, governments and local authorities are under increasing pressure to adapt and modernise social infrastructure in response to the changing needs of their populations. Premier Modular is at the forefront of helping Europe address this challenge, and we’re proud to support the continued growth of this important platform.”
“This refinancing is an important milestone for Premier Modular and reflects the confidence our banking partners have in the business,” said David Harris, Chief Executive Officer of Premier Modular. “We have built a market-leading platform with a high-quality, modern fleet and a long-standing customer base, and this financing gives us the firepower to continue investing in that platform. Demand for flexible, high-quality modular space in the UK has never been stronger, and we are well positioned to capitalise on that opportunity.”
Latham & Watkins acted as the lending consortium’s legal adviser on the deal, while Simpson Thacher & Bartlett acted as Premier Modular’s legal adviser.
About NORD/LB
NORD/LB Norddeutsche Landesbank is one of Germany’s leading commercial banks, and a pioneer in renewable energy project finance since the 1990s, across more than 30 markets. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks, and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig, and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf, and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London and New York.
