International law firm Trowers & Hamlins alongside Centrus Financial Advisors has advised Housing Solutions on two significant transactions with AIB Group (UK) p.l.c. and Barclays Bank PLC amounting to £128 million in total. AIB increased its existing revolving credit facility for Housing Solutions to £78 million. Housing Solutions also entered into a new agreement with Barclays providing a revolving credit facility of £50 million.
Following a competitive process ran by Centrus, Housing Solutions has successfully completed two major financing arrangements to support its mission to tackle the affordable housing crisis by providing housing for disadvantaged people in Berkshire. These new funds will give a platform over the next five to seven years towards its development and investment programmes.
The AIB facility included improved and competitive revised terms, increasing the facility from £50 million to £78 million for the next five years with options to extend. Housing Solutions established a relationship on competitive terms with its new funders Barclays who provided a revolving five year facility with options to extend.
Orla Gallagher, Chief Executive at Housing Solutions said:
"This was an absolutely fantastic team effort, and I'm really impressed with how everyone pulled together. These projects can be difficult to navigate, but what matters is how we collaborate and work together as partners."
David Joyce, Director of Finance at Housing Solutions added:
"I want to say a huge thank you to Centrus and Trowers & Hamlins for their support in completing a highly competitive refinancing deal. The speed and efficiency of the transaction were outstanding, with excellent communication throughout. It was great to see all parties working together to complete on time.”
Natalie Singh, Partner in Trowers' Banking and Finance team, commented:
"We are delighted to have supported Housing Solutions on these important revolving credit facilities with AIB and Barclays. The combined £128 million of committed funding provides Housing Solutions with the flexible, financing platform it needs to deliver its ambitious development programme and continue investing in quality homes for its residents."
Tom Miller, Director at Centrus added:
"It has been a pleasure to support Housing Solutions on the updates to their RCF portfolio. The competitive process has resulted in an excellent outcome ensuring a low cost and highly flexible outcome best tailored to Housing Solutions needs."
The Trowers Banking and Finance team was led by Natalie Singh and included Jasna Djurisic (Managing Associate), Lara Marsden (Senior Associate) and Jasmin Rakkar (Associate). The Trowers Real Estate Finance Team was led by Hannah Jackson (Partner) and Rachael Mehta (Senior Associate).
Centrus Advisors advised Housing Solutions on the treasury aspects of the transaction, led by Tom Miller.
