The Real Estate Finance Security Team at international law firm Trowers & Hamlins has advised London & Quadrant (L&Q) on the largest ever own-name bond issue by a housing association.
The issuance was conducted by way of a dual-tranche offering of Sterling Secured Notes in the form of £250 million 40-year bonds and £250 million 12-year bonds. Totalling £0.5 billion, it is believed to be the biggest own-name bond issue by a housing association to date.
The team helped to secure the bond issue, and was led by Managing Associate Sarah Darvell and Partner Katie Dyer, with assistance from Forhad Ahmed, Kelvin Wells, Beth Lindsey, Tinashe Chipendo and Cleo Loizidou.
Sarah Darvell said:
"L&Q is one of the UK's leading housing associations and one of London's largest residential developers, owning or managing over 90,000 homes in London and the South East. We are delighted to have worked with L&Q on this bond and to help it progress its commitment to enable the delivery of 100,000 urgently needed new homes over the next 10 years" .