Trowers & Hamlins supports Incommunities on £250m bond issue
Top 40 law firm Trowers & Hamlins has supported one of the largest social housing providers in the UK, Incommunities, on their £250m bond issue and bank refinancing project.
Trowers' real estate finance security team completed all the property security work in connection with Incommunities' 30 year £250m maiden bond issue (of which £50m is retained) and a refinancing strategy which included two new bank facilities and repayment of some of its existing debt.
The strategy also allowed Incommunities to release 30% per cent of its properties from charge to support future funding, to be invested in its current housing stock and a ten year strategy for development of new homes and replacement of some existing stock.
Due diligence was carried out on around 20,000 properties owned by registered provider subsidiaries, Incommunities and Sadeh Lok.
Greg Robinson, Assistant Chief Executive Resources at Incommunities said: "Trowers has done a great job for us and I am really grateful for the support they have given us throughout this exercise"
Trowers & Hamlins partner Melanie Comer said:
"It is a real honour to be able to support Incommunities as they undertake their strategy. The organisation shares our commitment to positively impact the real estate market, and we look forward to seeing how their project moves forward, working in partnership to deliver homes and sustainable communities."
The team was led by property security partner Melanie Comer, with senior associates Nicola Almond and Jo Judge.