Trowers & Hamlins has advised Community Gateway Association Limited on the completion of a debut £95 million private placement.
The placement incorporates two new investors at extremely competitive rates, allowing them to diversify their funding structure and refinance part of their loan facilities with their sole bank lender.
This is the latest step in CGA’s financial strategy, which saw Savills Financial Consultants advise the Preston-based housing provider on a financial restructure in 2018 to increase its financial capacity and remove restrictive loan covenants.
CGA was formed in 2005 from the stock transfer of homes from Preston City Council. It was established using the community gateway model to ensure local people influence the strategy and work of CGA.
Trowers’ Manchester banking team advised on all aspects of the financing work, including production of the note purchase agreement and liaising with Morrison and Foerster as US counsel. The team was led by partner, Neil Waller (Picture), with support from associate, Abigail Sowden and Ashley Slatford, paralegal.
Law Firms: Trowers & Hamlins;
Clients: Community Gateway Association Limited;