International law firm Trowers & Hamlins has advised Plymouth Community Homes on a large scale borrowing and refinancing deal.
The deal which was the client's first private placement deal involved a £60 million private placement, new £35 million revolving credit facility from Barclays Bank plc and refinancing of a £50 million loan with RBS.
The firm led on the private placement drafting the relevant documents and dealing with US advisors Chapman and Cutler. The placement had US investors (Massachusetts Mutual Life Insurance Company and C.M Life Insurance Company – both arranged by Barings) and unusually a Korean investor Kyobo Life Insurance Company.
Partner Naomi Roper, who led on the deal said:
"This multifaceted deal required us to draw on different areas of expertise from across the firm, and meant that we needed to complete all transactions simultaneously. Plymouth Community Homes is an ambitious, leading housing association and we look forward to seeing how the organisation capitalises on its new financial arrangements."
The team was led by Naomi Roper assisted by Helen Fysh. Jessica Church in the Exeter office led on all aspects of the property workstream.