HSBC takes extra security over Iceland Foods after refinancing of debt
The frozen food chain has net debt of more than £700m and issued another tranche of bonds worth £250m earlier this month
Lender HSBC has taken additional security over some Iceland Foods’ property and various trademarks.
The move comes after a wider refinancing of its debt this month, and it includes three leaseholds and three freeholds.
The bank can, in case of insolvency, take over the assets, sell them and use the proceeds to repay the loan.
A spokesperson for Iceland said the move was a standard refinance of existing debt, and has no impact on the wider business or finance.