Our cross-firm team of banking and finance, and real estate lawyers has advised Sanctuary Group on a £150 million secured bonds tap issue.
Sanctuary Group is one of the UK's largest social housing providers and manages more than 100,000 homes in England and Scotland.
Sanctuary Group originally issued bonds back in 2020 through Sanctuary Capital PLC, a vehicle for capital markets issues. Sanctuary Group decided to tap its 2020 bond issue by issuing an additional £150 million secured bonds. RBC Europe Limited and Lloyds Bank Corporate Markets plc jointly arranged the issue, which takes effect from 19 July 2022. The transaction will provide the investment to improve the current housing stock and the development of new homes across England and Scotland.
The transaction was led by the banking team comprising partner, Chris Brierley, legal director Angela Rawlins and senior associate, Sarina Mann. A large cross firm team provided support for the transaction led by partner, Anna Colley, in respect of real estate and partner, John Reed, in respect of capital markets. They worked closely with Ed Lunt, Chief Financial Officer and Luigi Belli, Director - Treasury Services at Sanctuary Group.
Chris Brierley, banking and finance partner at Gowling WLG said: "We are delighted to have been able to support Sanctuary on this transaction and the resulting homes development and improvement program."
Ed Lunt added: "We are pleased to have had Gowling's support in securing this tap issue, with the bond proceeds supporting our corporate priorities of investment in and growth of our homes for the long-term benefit of our customers."
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.