Devonshires advise L&Q on Bond Consent Solicitation

We are delighted to have advised L&Q on the restructure of its £130m stepped coupon bonds (Bonds) and consent solicitation exercise. The transaction involved the substitution of London & Quadrant Housing Trust as the new issuer of the Bonds, in place of Quadrant Housing Finance Limited.

As part of the restructure and the continuing quest to simplify its finance structure, L&Q were able to obtain the consent of the bondholders at zero cost to amend and modernise the terms of conditions of the Bonds to align with the terms of L&Q’s most recent bond issue and also to allow L&Q to release properties from the charged pool, freeing them up for use on future finance projects.

Alice Overton, Partner, advised the L&Q team with support from Michelle Pascua.