International law firm Trowers & Hamlins has advised Hartlepool Borough Council in relation to its debut £17 million private placement of notes.
The unlisted bonds, which are fully amortising, fixed rate and with a 40-year maturity, were placed with a single institutional investor by means of a note purchase agreement. The bonds priced significantly inside the PWLB certainty rate and included a 12-month deferral.
The proceeds will be used by Hartlepool to help fund local capital projects.
Neil Waller, banking and finance partner at Trowers & Hamlins said:
"We are delighted to have worked with Hartlepool Borough Council on securing this new funding stream. This transaction is a further example of how capital markets alternatives to PWLB can be used to deliver cost-effective, tailored funding solutions to local authorities."
Chris Parkin, Head of Finance at Hartlepool commented:
"I really appreciate the work Trowers & Hamlins have put in to guide and advise us through this process"
The Trowers team comprised Neil Waller, Scott Dorling, Lara Marsden, Natasha Kaulsay and Sarah Monaghan, who worked alongside the arranger and advisor to Hartlepool, TradeRisks Limited.
