International law firm Trowers & Hamlins has advised Halton Housing Trust on a large scale refinancing project.
The project involved two private placements and a linked restatement of Halton Housing Trust's existing facilities agreement.
The team worked on Halton's funding strategy completing three major transactions. The first of these transactions was a note issuance to an existing investor worth £20m completed in the summer of 2017.
The second was for a further £40m private placement transaction with a new investor. The transaction has a deferred funding structure with the issue price being payable over the forthcoming three years, providing Halton Housing Trust with certainty over the availability and cost of funding.
Linked to this deferred placement, the firm advised Halton on the restatement of their existing facility agreement with their existing lender. These revisions provided for an additional £60m of facilities and have been structured to provide bridging finance to Halton Housing linked to the issuance dates for the deferred placement.
The transactions have provided Halton Housing Trust with a flexible short term funding solution whilst also addressing its long term funding needs which it will use to support its on-going growth and development agenda.
Partner Neil Waller who led the Trowers team on the project commented:
"We are delighted to have helped secure this financing for Halton Housing Trust. Securing this flexible funding solution puts Halton Housing in a strong position to move forward with its promise and main objective of "Improving people's lives".
Neil Waller was supported by partner, Eleanor James, solicitor, Abigail Sowden and paralegal, Nick Blair. Our Real Estate Finance Security Team led by Melanie Comer.