Olswang and Pinsents lead on Liberty Living refinancing

Olswang and Pinsent Masons have both advised on the £300m refinancing of student accommodation provider Liberty Living.

The £300m financing package comprised a £100m five-year term loan, a £100m five-year revolving credit facility and a £100m US private placement. The deal was touted by HSBC as a first, for introducing student accommodation as an asset class to the US.

Liberty Living, which is a subsidiary brand of Brandeaux Student Accommodation Fund, will use the money raised to refinance its existing £200m debt and fund new acquisitions.

Pinsent Masons advised the banks, HSBC and Royal Bank of Scotland, with banking partner William Oliver leading on the deal. Olswang, led by Eleni Skordaki, advised Liberty Living.