Canary Wharf bondholders face £170m fight

10 upper bank st
By Owen Sanderson
24 Jun 2014

Bondholders in Canary Wharf’s securitization financing are facing a fight over whether they will get an extra £170m payout following the sale of 10 Upper Bank Street, Clifford Chance’s London headquarters.

The tower, sold to China Life and Qatar Holdings for £795m, forms part of the security for the Canary Wharf Finance II securitization. The issuing company, Songbird Estates, has used the proceeds of the sale to pay down £577.9m of the A1 notes in the securitization, but a ...

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