International law firm Trowers & Hamlins has advised GreenSquare Group on the property charging aspects of corporate finance deals involving around £350m of existing debt; £140m of new revolving credit facilities and £50m of new borrowing.
These key projects involved a significant amount of work with existing lenders BlackRock’s European Infrastructure Debt Team, Lloyds Bank, MetLife Investment Management, NatWest, Santander and Triodos and the development of new relationships with Barclays and MUFG, in order to simplify treasury arrangements, boost borrowing capacity and provide additional liquidity for the housing association group, which owns and manages over 12,000 homes across Gloucestershire, Wiltshire, and Oxfordshire.
Trowers' Real Estate Finance Security Team advised on the Property aspects of the deals, carrying out due diligence on over 6,500 properties within a short timeframe. The property work was undertaken by Forhad Ahmed, supervised by Sarah Darvell and Katie Dyer.
Group Head of Corporate Finance & Treasury at GreenSquare Group James Tarrant said:
"We would like to thank Trowers & Hamlins for the tireless dedication they have put in to get this significant funding over the line, particularly given the current environment we find ourselves in. The Trowers team has shown impressive commitment, provided continuous client support and has been instrumental in providing solutions to overcome potential obstacles to ensure that GreenSquare could achieve its refinancing and treasury harmonisation goal."
“This is a brilliant outcome in some of the most challenging market conditions I can remember,” said GreenSquare chief executive Ruth Cooke. “The completion of this hugely important work enables us to manage the business much more effectively and gives us increased borrowing capacity going forward, supporting the development of more new homes.”
Real Estate Finance Security Team solicitor Forhad Ahmed said:
"We are delighted to have played our part in achieving this fantastic outcome for GreenSquare during these unprecedented times, helping to ensure the development of much needed homes in Gloucestershire, Wiltshire and Oxfordshire".
