Winckworth Sherwood advises B3Living on listed secured bond issue
Winckworth Sherwood has advised B3Living on its recently completed £68million listed secured bond issue.
B3Living, formerly Broxbourne Housing Association, manages 4,334 houses in Hertfordshire’s Lee Valley.
The secured bond issue will provide additional funds to finance the development of much needed homes for low-income families and key workers.
The secured bond has a maturity of 25 years and was priced, following a competitive bidding process, at an attractive coupon of 4.823 per cent. It was taken by a single investor.
Winckworth Sherwood’s Banking and Finance team was the sole legal adviser to B3Living with Santander appointed as arranger.
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.