Trowers & Hamlins advises Cottsway Housing on £75m private placement


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International law firm Trowers & Hamlins has advised Cottsway Housing Association Limited in relation to a £75,000,000 private placement of notes with US investors. 

Cottsway is the largest housing association and provider of social housing within West Oxfordshire. Managing almost 5,000 homes and with more than 10,000 customers, Cottsway also has homes in Gloucestershire, Wiltshire and Worcestershire.

The Trowers team advised on the note purchase agreement and issue of notes, working with Morrison Foerster, Cottsway's US counsel. Cottsway have capitalised on the low gilt rates to agree an all in coupon of sub 3% on four series of notes.

The housing association issued the first series of notes on 2 December 2019, and has locked in the sub-3% rate on three further deferred issuances in between now and 2022. All £75m notes are co-terminus in 2048.

Trowers team comprised Sarah Gooden, Helen Fysh and Andrew Mitchell.

Sarah said:

"We are delighted to have been able to support Cottsway on this important fundraising which will support them in their plans for expansion, which includes building 750 homes over the next five years. Their aim to be accessible and approachable whilst operating at the heart of their community resonates with all we do at Trowers, and we wish them the best for their future endeavours."

Richard Reynolds, Resources Director at Cottsway, said: “We are extremely pleased to have worked with Trowers & Hamlins in securing this finance arrangement. We are committed to doing more to help people in housing need and this funding will support our ambitious development programme and growth.”

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