Trowers advises Network Homes Limited on £200m private placement


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International law firm Trowers & Hamlins has advised Network Homes Limited on the issue of £200m of sustainable secured notes under a private placement to US and UK investors. The private placement was entered into in conjunction with Network's brand-new sustainable finance framework.

Network Homes Limited is a leading provider of affordable homes with a portfolio of 20,000 properties across London and the South-East.

The transaction entailed a fully secured placement with maturity terms on the notes between 15 and 30 years. Network increased the amount it planned to borrow from £150m to £200m due to incredibly strong investor demand that saw the deal significantly oversubscribed with investors such as Barings, MetLife Investment Management and Nuveen signing up. Network aims to use the funds raised under the private placement to help achieve its sustainability targets and to provide more affordable housing.

Trowers' banking team advised Network on all aspects of the financing. Trowers also liaised closely with US counsel, Greenberg Traurig LLP on the US elements of the transaction.

Anup Dholakia, Director of Corporate Finance at Network Homes, said: 

"We are delighted to secure this transaction the proceeds of which will be invested into helping both current and future generations enjoy sustainable and affordable homes. We’re grateful to our partners at Trowers for their diligence and productive approach in supporting us through to completion."

Naomi Roper, banking and finance partner at Trowers & Hamlins, said: 

"It has been a great pleasure to work with Anup Dholakia and his colleagues at Network to achieve this great result on such an innovative sustainable finance transaction. The private placement will help Network to fund its sustainable projects and further its ESG aims."

The banking team was headed up by Dale Moulden (Senior Associate) who has advised on all of Network's private placements to date. Dale was assisted by Rishi Sarin (Associate) and Katie Evans (Trainee Solicitor).

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