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GB Social Housing Plc - Establishment of a £2 billion social housing bond programme

GB Social Housing Plc - Establishment of a £2 billion social housing bond programme

Trowers & Hamlins advised Trifinium Advisers UK Limited on setting up a £2 billion social housing bond programme via a special purpose vehicle bond issuer, GB Social Housing Plc, and subsequent on lending under the programme of a total of £85 million to three Registered Providers.

The deal represents the introduction into the social housing finance sector of a brand new funder, Trifinium Advisers UK Limited. Trifinium, via GB Social Housing Plc have committed to lend to the sector through an ongoing note programme. They will be a major new source of social housing funds. The on-lending loan agreements contain an innovative approach to financial covenants. These are very flexible – the borrower picks the set of covenants that suit it best on day one and then it can opt to amend these (without fear of re-pricing) as and when business needs dictate. GBSH also have a flexible approach to security arrangements, being willing to accede to existing security trusts. The bond is listed on the Channel Islands Stock Exchange. While there were only three borrowers in the initial issue it is expected that that subsequent taps will be considerably larger.