Devonshires’ Banking Governance and Corporate Team have acted for Paragon Community Housing Group in the first RP bond deal to be completed in 2015.
Paragon secured £250million 3.625% secured sterling bonds, due in 2047, making it one of the best rates obtained by an RP. The proceeds of the issue will be lent to its two subsidiaries – Richmond Upon Thames Churches Housing Trust Limited and Elmbridge Housing Trust Limited – to refinance existing debt and support the development of new homes in Surrey and south west London.
Devonshires also advised Paragon on the restructuring of its existing debt out of the bond proceeds including negotiating the terms of the amended loan documentation, satisfying conditions precedent and co-ordinating the refinancing and bond issue.
The Devonshires Banking team was led by Julian Barker and Andrew Cowan and assisted by Carolyn Thomas, Alice Overton and Nadine McNally. Centrus Advisers provided finance and treasury advice.