Work highlights
We are delighted to have assisted Chelmer Housing Partnership Limited (CHP) and Estuary Housing Association Limited (Estuary) with their merger to form Delta Housing Limited (Delta).
Target objective
The aim of this merger was to increase financial capacity to enable Delta to better address housing needs by delivering more affordable homes, while continuing to invest in existing homes and services.
Action
This complex project saw the Devonshires Banking and Property Security teams obtain the necessary consents for the merger from a wealth of funders across two substantial loan portfolios, as well as amend and restate a large volume of loan agreements, amend ISDA documentation and reallocate property portfolios to reflect the newly cohesive structure of Delta.
Results
Working closely with Newbridge Advisors as well as the CHP and Estuary teams, the Devonshires team were able to negotiate and agree a commercial and robust suite of refreshed documentation, which is not only satisfactory to the funders, but gives Delta the ability to move forward with its aim to meet housing need.
“Having worked together in 2024 on the successful CHP private placement, it was a pleasure to work again with Devonshires, this time on behalf of Delta, during the lender consent process. By working closely with bank lenders, aggregators and private placement investors, we secured a strong and commercial set of documentation, providing Delta with a platform to deliver its strategy. Julian, Luke, and the wider team played a vital role throughout the process, sharing their deep experience of lenders and current market trends.”
“We're delighted to have secured full consent from all our existing lenders, a clear recognition of the confidence they have in our strategic direction. I would like to thank Devonshires for their approachability and professionalism in bringing this merger to fruition. It has been a positive experience working with Julian and his team to successfully complete the work required to support Delta Housing’s ability to start on an optimised legal basis.”