Trowers advises Newlon on £160m private placement


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International law firm Trowers & Hamlins has advised Newlon Housing Trust on the issue of £160m of sustainable secured notes under a private placement to US and Canadian investors.  The transaction entailed a fully secured placement with maturity terms on the notes of between 15 and 30 years.

Trowers’ Real Estate Finance Security team advised on the property aspects of the deals, carrying out due diligence on over 1000 units. The property conditions precedent were agreed a month prior to first closing. Enough security was put in place to also cover second closing.
 
The property work was undertaken by Forhad Ahmed, supervised by Katie Dyer and Caroline Nugent and assisted by Ayesha Zafar.
 
Surjit Dhande, Newlon’s Group Finance and Resources Director said: 

"We would like to thank Trowers & Hamlins, who really went above and beyond to complete this transaction efficiently, speedily and in good time for the first closing."
 
Real Estate Finance Security Team Associate Forhad Ahmed said:

"We are very pleased to have helped Newlon complete their first sustainability- linked private placement."

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