Trowers & Hamlins has advised Jigsaw Homes Group Limited.
The transaction involved the five housing associations within the group entering into all new loan agreements with six different lenders and the due diligence of over 34,000 properties.
The refinancing has allowed Jigsaw to generate additional financial capacity and streamline its covenants in order to maximise its financial capacity and build more homes. The new structure involved five housing associations in the group entering into new loan agreements with six existing lenders, and £25m in additional funds from Nationwide in a £715m overall package. These facilities are channelled through a new group treasury vehicle and security structure to allow for funds to be flexibly deployed within the group. The refinancing will allow them to grow as an organisation and continue to meet the increasing demand for affordable homes and homes for social rent in the North West and East Midlands. This structure will support not only the delivery of Jigsaw’s corporate plan in delivering 2,100 homes in the three years to March 2021, but will provide the additional capacity and ability to deliver an additional 800 units per annum thereafter.
Trowers’ banking team was led by partner Neil Waller (Picture) with solicitor Daniel O’Brien assisting. The property security team was led by partner Melanie Comer, with associate Lauren Mason-Smith assisting. The team worked closely with Savills as treasury advisers and Jigsaw’s property and finance teams.
Law Firms: Trowers & Hamlins;
Clients: Jigsaw Homes Group Limited;