International law firm Trowers & Hamlins has advised The Guinness Partnership Limited on its first SONIA based loan facility from Lloyds.
The £150 million revolving credit facility will be available for five years but with the potential to extend out to seven years and is a day 1 SONIA based facility, the first SONIA based product that Guinness has entered into. These additional funds will help Guinness to advance their mission to improve people's lives and create possibilities for them by providing high quality new homes.
Jasna Djurisic from the Trowers' Banking and Finance team said:
"It is always a pleasure working with the finance and treasury team at Guinness and we are very pleased to have been able to assist them in ensuring that they are in step with market developments. We are seeing that all banks lending to the affordable housing sector are actively engaging with borrowers to ensure that new loans are no longer offered on a LIBOR basis and also, in the second instance, confronting the transition of legacy LIBOR loans. This process needs to be completed during the course of 2021 and we think that momentum has now increased. Our recent and current experience in advising other housing associations on SONIA facilitated a smooth route to completion."
