21 Jul 2016 | 10:07 am | 1 min. read
International law firm Pinsent Masons has advised The ExtraCare Charitable Trust on a £35 million private placement funding from BAE Pensions to sit alongside it's existing £120 million bilateral and syndicated financing provided by Lloyds Bank plc.
The funding will enable The ExtraCare Charitable Trust to strengthen its existing funding solution to allow for the expansion of its retirement village portfolio. The Charity provides a modern affordable alternative to nursing homes and care homes, currently supporting over 4,000 people in 17 housing schemes and 14 villages, in and around the Coventry area.
The ExtraCare Charitable Trust was represented by a multidiscipline Pinsent Masons team across banking and property, led by Partner Edward Sunderland, alongside Victoria Baker, Jennifer Rawlins, Tom Denslow, Tom Eastwood and Jenny Walker.
Commenting on the deal Edward Sunderland said:
"It's been a real pleasure to see this project come to life and to have played an important role in being able to support a key local business in the growing retirement villages sector. In structuring a holistic financing solution, we have helped to ensure that the Charity is positioned in the best possible way to help it to achieve it's mid to long-term growth strategy."
Chris Skelton, Finance Director of The ExtraCare Charitable Trust, stated that:
"We are delighted to have finalised the new funding package from Lloyds Bank and BAe Pensions. It brings certainty to our future plans and will allow us to progress our ambitious development plans and improve the lives of many more older people. We are very grateful for the professional support we received from Pinsent Mason throughout the process, without which the deal would not have been possible."
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