17/04/2026
Bevan Brittan acting as legal counsel and Centrus acting as treasury advisors and debt arrangers, are delighted to have supported the recent completion of a £150m new financing for Magna Housing, a 9,000-home landlord in South West England.
The strategic refinancing, comprising £80 million in revolving credit facilities and £70 million in term debt facilities provided by Nationwide, Barclays and AIB, was executed on a highly competitive and flexible basis, with funds supporting Magna’s ambitious development programme over the next 5 years.
Key Benefits of the Transaction:
- Favourable Covenants: Maintaining Magna’s favourable covenant definitions to maximise flexibility and headroom within the business plan.
- Flexible Drawing: Blended RCF and term debt with a 24 month availability window, ensuring drawing flexibility and reducing cost of carry amid changeable development spending
- Balance of Tenor and Cost: Weighted average life of bank debt maintained at 6 years, whilst securing a 19bps reduction of Magna’s bank portfolio weighted average margin. Chosen tenors reflected competitive offers and Magna’s existing long dated positions, ensuring amortisation of the portfolio is comfortably spread.
- Embedded Hedging Optionality: Outcome ensures embedded hedging options were retained providing low complexity and flexible hedging options.
The housing finance team at Bevan Brittan, including Louise Leaver, Anna Clark, Louise Mookerjee, Weronika Ziecina and Jessica Church, advised Magna on the restatement of one facility and the negotiation of two new facilities, including related security documentation and accession to existing security trust arrangements. Bevan Brittan provided a holistic service, from reporting on term sheets, through to reviewing and negotiating suites of loan documentation for each of the three lenders concurrently, reporting comprehensively to both the board and the finance team. The banking and charging teams worked closely together as well as with Centrus and the Magna team, offering a truly cohesive one-team approach to ensure a smooth and timely completion.
Louise Leaver, head of the Housing Finance team at Bevan Brittan, said: “It was an absolute pleasure to work with Magna and Centrus on this important funding update which will enable Magna to support their strategic plans going forward.”
Tom Miller, Director at Centrus noted: “We are delighted to have supported Magna in their latest fundraising process, which resulted in a highly competitive outcome that will support delivery of much needed new homes.”
Ian White, Head of Finance at Magna said: "We're delighted to have secured new funding to enable Magna to continue to deliver more affordable homes in line with our strategy. The support from Centrus and Bevan Brittan not only ensured appropriate governance but most importantly achieved best value, allowing us to keep more cash to invest in new homes, sealing a great job done by all."
