Following the firm's involvement in the original
financing of the initial acquisitions by Guernsey Housing
Association ("GHA") and subsequent development in 2005, the firm
advised The Royal Bank of Scotland International in the refinancing
of GHA to enable work to commence at its latest developments
involving key worker accommodation inGuernsey. A separate team
within the Firm advised GHA. The firm led the negotiations and
all legal aspects of the latest round of financing by GHA. The firm
advised GHA in relation to all aspects of the deal which involved
structuring of the loan agreements with HSBC, renegotiating the
previous financing with the Royal Bank of Scotland International
(who the firm were also able to act for) and advising on all
aspects of the security arrangements to ensure that the security
packages were kept intact. With complex interactions with the
States of Guernsey and detailed inter-creditor arrangements between
HSBC, Royal Bank of Scotlandinternational and the States, this
transaction is unique. In 2009 and 2010, the firm assisted
GHA with the grant of partial ownership leases. It drafted and
completed all documentation in relation to all social housing
developments carried out by GHA. The team also acted on
the acquisition of two new sites on which to further build and
develop social housing projects for the future. Additionally, a
separate property team has been key in acting for purchasers in the
scheme. The firm has a strong cross departmental working and
in-depth knowledge of GHA's requirements