Devonshires act for GreenSquare Housing Group on £540m debt restructuring

Devonshires’ Banking team are delighted to have advised GreenSquare Housing Group on a full restructure of its funding portfolio, including its facilities with existing lenders Santander, NatWest, Lloyds and Triodos and new lenders MUFG and Barclays and its private placement funding with its existing investors.

The transaction involved a restructure of c£350m of existing debt, £140m of new revolving credit facilities and £50m of new borrowing from an existing investor. Some of the facilities included unsecured tranches and an ESG sustainable element linked to improvements in thermal efficiency of existing housing stock.

The proceeds of the restructure will support the Group’s provision of social housing across Wiltshire, Oxfordshire and Gloucestershire.

The Devonshires team comprised Julian Barker, Carolyn Thomas and Alice Overton.

Julian commented: “We are delighted to have worked with the team at GreenSquare on this complicated restructuring, which has provided a substantial amount of additional liquidity across the Group.”

James Tarrant, Head of Corporate Finance and Treasury at GreenSquare commented: “I would like to thank Julian and the rest of the Devonshires team for their excellent support, dedication and advice on a complex series of interlinked negotiations, made particularly difficult given the current challenging environment. The Devonshires team were instrumental in the delivery of this significant funding for the Group and, without their continued support and commitment, this transaction would have been so much harder to achieve.”

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