Gowling WLG advises Triple Point on the placing of sustainability-linked loan notes

2 minute read
14 September 2021

International law firm Gowling WLG has advised Triple Point Social Housing REIT plc "Triple Point" on the placing of £195 million Loan Notes.

With a particular focus on supported housing, Triple Point Social Housing REIT plc primarily invest in newly developed social housing assets in the UK, helping public and private sector organisations, and supporting UK growth and investment.

Triple Point has put in place £195 million of long dated, fixed rate, interest only sustainability-linked loan notes through a private placement with two major US funders. The Loan Notes will enable Triple Point to refinance its existing floating rate Revolving Credit Facility. The new Loan Notes are secured against a portfolio of specialised supported living properties located throughout the UK and worth approximately £390 million, representing a Day-1 loan-to-value of 50%.

The Loan Notes are the first debt instruments issued by Triple Point that are linked to sustainability targets agreed with the lenders.

Chris Brierley led the Gowling WLG legal advisory team, with support from Sam Evans, Scott Wilson, Sarah Lambert (all finance) Anna Colley and Steve White (both real estate)

Chris Brierley, banking and finance partner at Gowling WLG said: "We are delighted to have supported Triple Point on the refinancing which will facilitate its further investment in the supported living sector."

Ralph Weichelt, Head of Debt Capital Markets at Triple Point Investment Management LLP commented: "The refinancing is our third debt raise advised by Gowling WLG. The in-depth sector experience of the Gowling team has yet again proven to be key for a smooth transaction delivering an on-time execution. Chris and his team have a high degree of pragmatism and are very solutions driven enabling the borrower to achieve its objectives."

Gowling WLG's banking and finance team advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions.

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