Case Studies

Winckworth Sherwood provides a wide range of legal services to a diverse range of clients. Here are a selection of just some of the projects that demonstrate the expertise of our team.

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Winckworth Sherwood advised Hightown Housing Association Limited in a first for the sector when Hightown raised £27,500,000 of unsecured publically offered bonds.  The 10 year bonds were issued by Retail Charity Bonds PLC and on-lent to Hightown, and were priced at 4.4%.

Retail Charity Bonds PLC is a platform created by the charity Allia, which aims to develop social investment opportunities, in association with Canaccord Genuity.

We acted on behalf of Hightown in this innovative structure, negotiating the required documentation for the bond offer and on-lending with Allen & Overy LLP (acting for Allia) and Linklaters (acting for Retail Charity Bonds).  This included preparing and agreeing the prospectus, and all related verification work.

Although the bonds are secured by the loan to Hightown, the loan itself is unsecured, thus enabling Hightown to pursue its ambitious plans for development both by maximising its asset base and accessing further funds.  We negotiated the documentation extensively to ensure Hightown retained sufficient flexibility to allow fulfilment of its future development programme whilst providing sufficient comfort to Retail Charity Bonds.
 

Key facts

Client Name: Hightown Housing Association Limited
Client Sector: Social Housing

Project Progress: Completed

Core Areas: Finance, Institutional Investment, Private Rented Sector, Social Housing Finance and Social Housing

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