Wragge advises housing association in £120m transaction
WORCESTER-based Sanctuary Housing Association has announced a £120m secured bond issue following advice from Wragge & Co’s Banking & Finance team.
The transaction is a tap issue to the £200m secured bond issue the housing provider launched in March 2009, on which Wragge also advised.
Sanctuary priced and launched its latest bond issue through Sanctuary Capital PLC, a vehicle for capital markets issues. Barclays Capital arranged the issue, which took effect from September 8, 2010.
Wragge’s partner Chris Brierley led a cross-firm team, supported by capital markets director Edward Sunderland and banking associate Angela Boughton.
Partner Lee McBride, supported by associates Mark Blair and Anna Colley, led a 20-strong team of real estate lawyers advising on the property due diligence.
Corporate partner Peter Smith and tax partner Kevin Lowe also supported the transaction.
Chris Brierley said: “As its long-standing and trusted full-service legal adviser, Sanctuary turned to us to deliver this complex transaction to timetable.
“To ensure a successful issue, Sanctuary needed commercial and pragmatic advice, along with expertise in capital markets, debt finance, real estate and the registered social landlord sector. And it’s what we delivered.”
Wragge & Co’s cross-firm team worked closely with Craig Moule and Tony King, Group director – capital investment. Partner Geoff Fuller at Allen & Overy LLP advised Barclays Capital.
Sanctuary manages more than 78,000 homes in England and Scotland, including rented, sheltered, supported, student and key worker accommodation. It employs more than 7,000 people and has headquarters in Worcester. Wragge & Co provides full-service legal advice to Sanctuary.
