Trowers & Hamlins has advised believe housing on an £85m sustainability-linked private placement with Legal and General.
believe housing is one of the largest housing associations in the north east of England covering 862 square miles, from the north Pennines, to Durham city centre and across to the coast in the east.
The private placement, which has a maturity of 37.5 years and a deferred funding element, is the first of its kind in the capital markets as it links the pricing of the notes to the company’s energy efficiency, which is in line with two of the UN’s Sustainable Development Goals for climate action and sustainable cities and communities.
Trowers also advised on the linked refinancing of believe housing’s existing LSVT loan which now gives it capacity to meet its development programme of 1,250 new homes by 2026.
The banking team was led by Neil Waller (Picture) with Sophia Bell, Jane Kirkham, Azimina Fozdar and Aishah Mansur-Nobi assisting. The real estate finance team was led by partner Melanie Comer, with Nicola Almond and Jo Judge assisting.
Involved fees earner: Nicola Almond – Trowers & Hamlins; Sophia Bell – Trowers & Hamlins; Melanie Comer – Trowers & Hamlins; Azimina Fozdar – Trowers & Hamlins; Jo Judge – Trowers & Hamlins; Jane Kirkham – Trowers & Hamlins; Neil Waller – Trowers & Hamlins;
Law Firms: Trowers & Hamlins;
Clients: believe housing;