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Aquila Treasury and Finance Solutions (ATFS) are specialist independent treasury advisers, providing a range of services to the housing, education and wider public sectors. They advise on debt, accessing the capital markets, interest rate risk management, treasury strategy and policy, strategic treasury management, joint ventures and funding for commercial subsidiaries. ATFS work both on bespoke projects and as retained advisers across the UK, and with particular expertise in the Scottish and Irish housing markets.
Supporting systemically important housing associations operating in the Scottish Highlands
ATFS was mandated to provide treasury advice and assist in raising additional long-term (25-years) funding of £15.0m, primarily to fund the HA’s development programme and asset investment.
A review of the existing loan portfolio was carried out and a funding strategy, with recommendations, was agreed with the Board.
An information memorandum was issued to lenders requesting their proposals.
A comprehensive review of the indicative terms, including tenor, pricing, financial covenants, asset cover requirements and other conditions, was carried out along with our recommendations on the preferred lender.
The successful outcome was a very competitive £59m restructured loan package which included a £15m 25-year term loan facility and a £10m revolving credit facility which will provide liquidity throughout the development programme.
An existing lender provided the funding package which also provided the HA with the ability to use existing charged security and therefore benefit from lower legal costs.
An ESG option will also allow a further discount on the pricing when detailed ESG parameters are agreed and met.
For more information about ATFS, visit www.atfsltd.co.uk
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