Trowers & Hamlins has advised Choice Housing on the financing aspects of a £70 million loan facility with NatWest (trading as Ulster Bank) as well as a loan linked ISDA with NatWest Markets.
Choice Housing, which operates approximately 12,000 homes, has agreed a new 15-year facility with Ulster Bank and NatWest Markets, the investment banking arm of NatWest Group. The £70 million being made available will support Choice in investing in more than 875 new affordable homes in Northern Ireland.
Trowers advised Choice on all financing aspects of the transaction, including a loan linked ISDA agreement which allows Choice to hedge its interest rate risk. As a result of this new arrangement, Choice is able to access funds quickly and effectively and has also fixed the cost of long-term finance.
The Trowers' team comprised of Eleanor James, Rishi Sarin and Jerry Wang (Banking). Shoosmiths advised Choice Housing on the property aspects of this transaction. Pinsent Masons advised Ulster Bank and NatWest.
Partner, Eleanor James, who led the Trowers team commented:
"We are delighted to have worked again with Choice Housing, advising on this strategically important deal. As one of the largest social housing providers in Northern Ireland this deal will allow them to continue to provide further social housing which is much needed across the country."
Michael Rafferty, Group Director of Finance and Resources with Choice Housing said:
“We are pleased to have secured this new loan facility from Ulster Bank. We have secured competitive commercial terms and have greater flexibility in managing interest rate risk”.
“We engaged Trowers to provide legal support for the transaction. The service provided by Eleanor, Rishi and Jerry was excellent and really helped us achieve our objectives.”
