Eastlight Community Homes’ £120 Million Private Placement

Trowers & Hamlins and Morrison & Foerster advised Eastlight Community Homes on the deal.

A £120m private placement funding deal with four North American investors will help Eastlight Community Homes deliver its pledge of 3,800 new homes in the five years to 2026.

The 12,000-home, resident-led housing association increased the amount it planned to borrow due to strong investor demand that saw the deal significantly oversubscribed. The overall interest rate for Eastlight’s debut private placement will generate significant funding cost savings, totalling over £1m per year more than expected.

The Essex and Suffolk-based housing provider received £60m of the funds on 19 August, with the balance due in May 2022. NatWest acted as sole Private Placement Agent.

Trowers’ banking team was led by partner Neil Waller (Picture) with associate Jane Kirkham assisting. The Trowers’ Banking team also consisted of partner, Ellie James and trainee Cirklen Yu.  The team worked closely with Eastlight’s financial advisors and Natwest Markets in order to secure the best position for them.

The Morrison & Foerster team was led by London partner Scott Ashton, together with associates Thomas Drake and Struan Clark.

Involved fees earner: Scott Ashton – Morrison & Foerster; Struan Clark – Morrison & Foerster; Thomas Drake – Morrison & Foerster; Eleanor James – Trowers & Hamlins; Jane Kirkham – Trowers & Hamlins; Neil Waller – Trowers & Hamlins;

Law Firms: Morrison & Foerster; Trowers & Hamlins;

Clients: Eastlight Community Homes;

Author: Federica Tiefenthaler