Trowers & Hamlins is pleased to have advised Lincolnshire-based Boston Mayflower on what is believed to be the first simultaneous bond issue and US private placement by a registered provider.

Housing association Boston Mayflower decided to issue a combination of a listed sterling bond and a private placement.  The £150m bond, of which £75m was issued (and £75m retained for future sale), has a coupon of 4.321% and a final maturity of 2059, while the £15m Private Placement has a coupon of 4.077% and a final maturity of 2029 – the combination of the two brings the all-in cost of funds to 4.28%.  This ranks in the top 10% of housing association capital markets fundraising and is also the lowest all-in cost of funds achieved by a housing association with less than 15,000 units.

The proceeds have been used to refinance Boston Mayflower's existing debt and to support its growth and development in building and acquiring new homes.

Banking and Finance partner Sarah Gooden led on the transaction, with support from senior associate Sarah MacLachlan.  Trowers & Hamlins' Secured Lending team also acted on both the bond and private placement, with managing associate Melanie Comer and senior associate Nicola Jones advising.