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Trowers & Hamlins advises V2C on £25m private placement

Trowers & Hamlins advises V2C on £25m private placement

Trowers & Hamlins is delighted to have advised Valleys to Coast Housing, known as V2C, on a £25 million private placement with a single UK investor.

V2C provides affordable homes to rent and buy across the County Borough of Bridgend.  In 2003, the not-for-profit housing association was the first ever to undertake a large-scale voluntary transfer of local authority homes in Wales. 

Alun Rawlins, finance director and company secretary at V2C, commented:  "This private placement will go a long way in helping us meet demand for new housing across the Bridgend area.  The new development work funded by this placement will also help support our mission 'to provide homes in thriving communities where people feel safe and want to live'.  We want to thank Trowers & Hamlins for their professional approach and detail-orientated advice on this placement."

Trowers & Hamlins' Banking and Finance team, led by partner Neil Waller, advised on all aspects of the transaction, including the restructuring of V2C's existing loan facilities to include a new revolving credit facility and restructuring the related security trust arrangements.  The transaction completed in May 2015.  Neil was assisted by senior associate Eleanor James, solicitor Rob Cale and trainee solicitor Darrell Chiheb. 

Trowers & Hamlins' Real Estate Finance: Security team, led by Melanie Comer, carried out detailed property due diligence on the 2,000 properties charged as security for the placement.  Melanie was assisted by senior associate Nicola Jones and paralegal Paul Best.