Slaughter and May advised the National Wealth Fund (“NWF”) in relation to a financial guarantee of up to £400 million to National Westminster Bank PLC (“NatWest”) and The Royal Bank of Scotland PLC (“RBS”) in relation to a portfolio of loans to registered providers for the purposes of retrofitting social housing in the UK.
NatWest and RBS together will deliver in aggregate £500 million of long-term, unsecured lending to the social housing market supported by the guarantee provided by NWF.
This is the fourth retrofit guarantee transaction where we have advised NWF and brings NWF’s total support for social housing retrofit to £1.3bn, following guarantees of £350m for Barclays UK Corporate Bank, £400m for Lloyds Banking Group and £150m for The Housing Finance Corporation. £1.65bn of lending has been enabled through these guarantees.
Slaughter any May worked with NWF’s internal legal and business teams to develop this product and implement the transaction.
