Trowers & Hamlins advises LiveWest Homes Ltd on its £1 billion MTN Programme


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International law firm Trowers & Hamlins advised LiveWest Homes Limited on the establishment of its £1 billion Medium Term Note Programme and its debut £250 million Note issue, issued at an in-all rate of 2.346%.

LiveWest has established a £1 billion Medium Term Note Programme (MTN Programme) and issued £250 million Notes thereunder, at 2.346%, with LiveWest retaining £50 million. It is its first major capital markets issue since the formation of LiveWest following the merger of Knightstone and Devon & Cornwall Housing in March 2018.

The MTN Programme will support the ambitious development programme of the largest Registered Provider in the South West, providing funding for Livewest's strategy to deliver 16,000 homes in the South West over the next 10 years and injecting additional investment into the South West economy. LiveWest is one of only four Registered Providers to make a capital markets issue through a Medium Term Note Programme, joining Places for People, A2 Dominion and Clarion.

Trowers partner, Adrian Carter and Associate, Jonathan Grosvenor advised in relation to the finance aspects of the MTN Programme establishment and first Note issue, including advising on structure and the security trust, negotiating the Programme documentation and facilitating the conversion of LiveWest's existing treasury vehicle to a public limited company.

Trowers' Managing Associate, Jessica Church advised on the property security project work, leading a team of 10 lawyers across the national Real Estate Finance Security team. Extensive due diligence was carried out on a diverse portfolio of approximately 10,000 properties ranging across an extensive geographical area from Penzance to Taunton. The project required the provision of fresh certificates of title and reliance on existing warranties and certificates to secure the new Bond completed to LiveWest's timescales.

Jessica said:

"The substantial scale and complexity of the portfolio necessitated a national team effort driven by our real estate finance and banking teams. We are extremely pleased to have assisted LiveWest with a successful and crucially important investment project to boost housing delivery in the South West over the coming years."

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