Trowers advises Accent Group on own-name bond issue
Top 40 law firm Trowers & Hamlins has advised the Accent Group on their maiden own-name bond issue, which achieved the lowest coupon in the social housing sector for a bond with a term longer than 12 years.
Trowers advised registered provider Accent Housing Limited and its issuing subsidiary Accent Capital plc on all funding aspects of this important project, with Wright Hassall advising on security matters. The team has been working closely with Accent for several years in developing a funding portfolio to fit Accent's aspirations and to support its strategic growth, concluding two new revolving credit facilities prior to the bond launch.
David Royston, Executive Director of Finance and ICT at Accent, commented:
"This is not the first significant corporate finance transaction I have delivered during my career, but it has been by far the most enjoyable and least fraught. Trowers (amongst others) have been fantastic; responsive, calm under pressure, knowledgeable and frankly a pleasure to do business with. This transaction will enable us to deliver on our ambitions and make a massive difference to our current and future residents who depend upon us".
Partner Eleanor James who led on the deal added:
"It has been extremely rewarding working on this deal with Accent Group. We look forward to seeing the future developments and progress as this new funding supports to their plans to deliver more affordable homes for those in need."
The Trowers team was led by Eleanor James, assisted by associate Abigail Sowden and other members of the Manchester-based banking and finance team.