Welsh landlord secures £95m refinancing package

“The refinancing initiative has also delivered very substantial saving on future interest costs”, giving Tai Tarian “improved financial covenants and more relaxed controls over decision-making”.

Tai Tarian worked with financial advisory firm Centrus on the transaction, while law firm Devonshires was the legal advisor.

Nick Tagg, director of finance at Tai Tarian, said: “The terms of the refinancing reflect the strong track record of delivery by the Tai Tarian team since transfer. We are delighted with the outcomes achieved and look forward to working with our new financing partners.”

Tai Tarian was established in 2011 through a large-scale voluntary transfer from the local authority and manages properties across Neath Port Talbot.

“The case for refinancing was compelling but working together we achieved really excellent outcomes, driving down the cost of financing while ensuring operational headroom and flexibility is maximised,” added Paul Stevens, executive director at Centrus.

Centrus and Devonshires also advised on a mammoth £851m refinancing package earlier this year with Jigsaw Homes Group, including an additional £152m to bolster its liquidity and development capabilities.

The new structure means that Jigsaw is now better equipped to deliver on its ambitions of building 4,000 homes within the next five years.

At the time, John Tattersall, managing director at Centrus, said: “The project required a careful navigation of a complex financial landscape and we were delighted to work with Devonshires and Jigsaw to deliver tangible results. The restructure and new funding have set Jigsaw’s treasury operations on a strong footing and now allows them to focus on what they do best – creating homes and building lives.”