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Devonshires' Banking and Property Charging teams acted for Notting Hill Housing Trust on a £120 million tap to its existing bond issue, which completed on 2 August 2011.
The new bonds will be consolidated with the Trust's existing bonds and the proceeds will be used to fund the Trust’s development programme of 1,000 homes a year.
Goldman Sachs and Santander acted as bookrunners for the tap, with TradeRisks appointed as independent issuance advisor. Over 1,000 properties were charged to provide security for the tap issue on closing.
Julian Barker, Head of Banking, commented, "Working on the tap has been a real team effort, and we are delighted to continue assisting one of our long-standing clients with achieving their business objectives."
Shaun Kennedy, Treasury Manager, said that this was "another great piece of work by the team at Devonshires."
Julian Barker and Eleanor James acted for Notting Hill on banking aspects, with Sharon Kirkham, Stacey Price, Bhaveshri Patel and Saghar Roya working on property charging matters.
