Devonshires advises on £500M bond issue

Devonshires has acted for London & Quadrant (L&Q), one of the UK’s leading and prominent housing associations, to help in securing a £500m Bond.

The deal is the social housing sector’s largest own-name bond issue and was completed in two tranches in the form of £250 million 12-year and £250 million 40-year bonds.

Devonshires’ specialist Securitisation team acted on this transaction, which was led by Partner Saghar Roya with assistance from solicitor Bhaveshri Patel and paralegal Carlos Fernandes.

The proceeds will be used to enable the delivery of 100,000 new homes over the next 10 years and to refinance existing debt. The prices were reached after roadshows for investors and the debt was secured by a portfolio of social housing properties owned by L&Q worth £620m.

Waqar Ahmed, Group Director of Finance, said: “We are delighted with the success of this dual-tranche fund raise. The extensive interest from, and take up by, so many blue-chip financial institutions is testimony to the strengths of, and prospects for, L&Q.”

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