Penningtons Manches Cooper advises SNG on £75 million issue of sustainability notes

Penningtons Manches Cooper has advised one of the UK’s leading housing providers, SNG (Sovereign Network Group) on a £75 million issue of sustainability notes pursuant to its existing Euro Medium Term Note (EMTN) programme, following the group’s market making £250 million issuance earlier this year.

SNG currently manages over 85,000 homes and aims to create thousands of new affordable homes every year, with a target of 25,000 homes across the South of England over the next decade. This £75 million note issue will help fund ongoing investment in sustainable development across its portfolio.

The transaction was led by partner Naomi Roper (who previously set up SNG’s EMTN Programme), a banking and finance specialist who joined Penningtons Manches Cooper this summer to spearhead the firm’s social housing finance offering.

Anup Dholakia, director of treasury at SNG commented:

“This additional funding under our EMTN programme reinforces our commitment to helping tackle the housing crisis by delivering good affordable homes, while also contributing to our ambitious sustainability targets. We are grateful to Naomi for her expert guidance on this transaction.”

Naomi Roper added:

“I’m delighted to have supported SNG on this transaction as it continues to pursue its objective of being a key market maker in the sector. This transaction is the latest example of how innovative funding structures can help providers deliver sustainable, affordable housing through innovative, tailored approaches to finance.”