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The Devonshires’ Banking Team has advised Notting Hill Housing Group on its recent £180 million bond issue, which completed on 7 July 2010.
The bond issue was undertaken in connection with a restructure within Notting Hill Housing Group. The proceeds of the bond will be used to reduce capital costs and help finance plans to build more than 1,000 new homes a year.
TradeRisks acted as Arranger for the issue, with Barclays Bank plc and Banco Santander appointed as bookrunners.
The 32 year bond was issued with a fixed interest rate of 5.25% which represents a margin of 110 basis points over the 32-year gilt rate. Both Notting Hill Housing Trust and the issue itself have been rated Aa3 by Moody's.
Paul Phillips, Group Finance Director of NHHT, said: ‘We are delighted that investors have shown confidence in Notting Hill’s business plan as well as of the credit quality of the sector and supported this issue so positively.’
Devonshires' Partner, Julian Barker, commented "We are delighted to have assisted one of our long-standing clients with achieving their objectives, working to deliver this issue on time and to budget".
The Devonshires' team was led by Julian Barker, assisted by Eleanor James and Richard Smith.
