Wragge & Co advises Sanctuary Housing Association on £120 million bond issue

Wragge & Co's Banking & Finance team has advised Sanctuary Group on a £120 million secured bond issue. The transaction is a tap issue to the £200 million secured bond issue the housing provider launched in March 2009, on which Wragge & Co also advised.

Sanctuary priced and launched its latest bond issue through Sanctuary Capital PLC, a vehicle for capital markets issues. Barclays Capital arranged the issue, which takes effect from 8 September 2010.

Partner Chris Brierley led a cross-firm team, supported by capital markets director Edward Sunderland and banking associate Angela Boughton. Partner Lee McBride, supported by associates Mark Blair and Anna Colley, led a 20-strong team of real estate lawyers advising on the property due diligence. Corporate partner Peter Smith and tax partner Kevin Lowe also supported the transaction.

Chris Brierley said: "As its long-standing and trusted full-service legal adviser, Sanctuary turned to us to deliver this complex transaction to timetable. To ensure a successful issue, Sanctuary needed commercial and pragmatic advice, along with expertise in capital markets, debt finance, real estate and the registered social landlord sector. And it's what we delivered."

Sanctuary's Group Director - Finance & Resources Craig Moule added: "Long-term investors are looking for organisations that demonstrate financial robustness and continued success, which is why Sanctuary's bond issue is such an attractive proposition. This injection of capital will allow us to move forward with our intermediate and long-term growth plans, including the development of new affordable housing and social care schemes. Wragge & Co's team played an integral role throughout this strategically important transaction. Its market knowledge, technical expertise and proactive approach ensured a positive outcome."

Wragge & Co's cross-firm team worked closely with Craig Moule and Tony King, Group director - capital investment. Partner Geoff Fuller at Allen & Overy LLP advised Barclays Capital.

Sanctuary manages more than 78,000 homes in England and Scotland, including rented, sheltered, supported, student and key worker accommodation. It employs more than 7,000 people and has headquarters in Worcester. Wragge & Co provides full-service legal advice to Sanctuary.

Wragge & Co's Banking & Finance team provides a partner-led service and top-quality legal advice. Bringing a commercial and pragmatic approach to deals, the team advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions.

Highlights include advising HSBC Bank plc on its £70 million term and revolving credit facility to undersea power cable manufacturer JDR Cable Systems. The team also advised US-based investors on a $200 million privately placed note issue for UK housing association Places for People Homes.