Top 40 law firm Trowers & Hamlins has advised Northamptonshire Housing Association, Greatwell Homes, on a £40,000,000 private placement with Pension Insurance Corporation (PIC).
The transaction has a deferred structure with the issue price being payable over the forthcoming three years which will provide certainty over the availability and cost of funding.
Julie Robinson, Director of Resources at Greatwell Homes, commented: “We are very pleased to have completed on this transaction and because of the deferred structure, we have certainty that future funding will be delivered to us at a known cost. We can now confidently embark on delivering our new Corporate Plan development aspirations for 2019 - 2022 to build much needed new homes in and around Northamptonshire.”
Trowers & Hamlins' banking and finance team, led by partner Neil Waller, who was assisted by Associate Abigail Sowden, advised on the transaction.
Neil Waller commented: "We are pleased to have helped secure this financing for Greatwell Homes. Securing this funding puts Greatwell Homes in a strong position to move forward with its growth plans to deliver a further 600 affordable homes in and around Northamptonshire."
Trowers' real estate finance security team, led by partner Melanie Comer and assisted by senior associate, Rachael Mehta, also supported Greatwell Homes (then Wellingborough Homes), completing all the property due diligence work to secure the first drawdown on closing and coordinating release of existing security.
