Wragge & Co LLP Banking & Finance Team has completed a cross-border bond issue worth more than $100 million for Sanctuary Housing Association.

A team of capital markets, regulatory, pensions and tax specialists advised Sanctuary Housing on an unsecured private placement with a group of US investors. Credit Suisse arranged the placement, which comprises three tranches: $80 with a maturity of 30 years; $20 million with a maturity of 10 years; and £8 million with a maturity of 10 years. The proceeds will be used to fund Sanctuary Housing's capital needs over the next 18 months.

Banking partner Paula Laird led the Wragge & Co team assisted by capital markets expert Edward Sunderland. Head of financial services William Brewis, pensions director Richard Lee and tax associate Zoe Hooper-Smith provided additional advice. Chapman & Cutler LLP advised on US law. Latham & Watkins acted for the investors.

Paula Laird said: "Sanctuary Housing has a strong relationship with US investors whose confidence in its strategy and performance enabled it to borrow on an unsecured basis. Sanctuary showed the same confidence in Wragge & Co, choosing our capital markets experts for this important finance instruction."

Established in 1969, Sanctuary Housing is a not-for-profit housing provider managing general rented, sheltered and supported accommodation, student and key worker accommodation throughout England and Scotland. Wragge & Co has an ongoing full-service relationship with Sanctuary Housing. Earlier this year, a team of corporate, employment and pensions lawyers acted for the housing association on its merger with Shaftesbury Housing Group.

Capital markets advice is one of the specialist services provided by Wragge & Co's 25-lawyer national Banking & Finance Team. Its track record includes advising US automotive company TRW Automotive Holdings Corp. and its UK subsidiary Lucas Industries Limited on a £94.6 million bond repurchase deal. The team also acted on the first bond issue by a local authority – Birmingham City Council's £215 million bond issue to raise funds for redeveloping The National Exhibition Centre.

With a client base that includes lenders and financial institutions and major corporate borrowers, banking and finance is one of Wragge & Co's fastest-growing practices. The team offers a partner-led service dedicated to providing high-quality, pragmatic legal advice to clients including HSBC, Lloyds TSB and Barclays. Highlights include GE Commercial Finance on its involvement in the £25.7 million public-to-private acquisition of Whitehead Mann PLC and Close Brothers Private Equity's £93 million MBO of Rosemont Pharmaceuticals.

---

For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Michelle Dolphin on +44 (0)121 213 2369

This press release may contain information of general interest about current legal issues, but does not give legal advice.