Devonshires are delighted to have advised Hyde Housing Association Limited (Hyde) on its £760 million refinancing.
The refinancing involved restructuring debt and swaps with five banks, including short and long term loan facilities, derivatives and PFI finance.
Having already raised £575 million across the group this year (including the £400 million bond issue by Martlet Homes Limited in May), the Hyde group has raised or restructured a total of £1.3 billion this year, capitalising on current low interest rates and ensuring its five year development programme is fully funded.
Devonshires Banking partner Julian Barker said: “We are delighted to have advised Hyde on its refinancing, the latest phase of the group’s finance strategy, helping to continue Hyde’s robust financial status and to continue providing affordable homes in London and the South East.”
Peter Denton, Hyde Group Finance Director said: “This financial restructuring exercise completes our financial vision that we set out at the beginning of the year and provides an already-strong Hyde with even greater resilience against any future economic or property market downturn.”
The Devonshires team was led by partners Julian Barker and Sharon Kirkham, assisted by Alice Overton, Luke Bevis and Bhaveshri Patel.
