King & Wood Mallesons has worked with the National Housing Finance and Investment Corporation (NHFIC), an independent Commonwealth entity, on its debut fundraising and financing transactions.
NHFIC is dedicated to improving housing outcomes for Australians, and to help reduce pressure on housing affordability.
KWM advised on the first wave of deals announced by NHFIC which include:
- Its debut $315 million 10-year social bonds issuance, which was 4 times oversubscribed.
- The low-cost funding of long-tenor loan facilities for 6 community housing providers.
- $140 million in financing commitments for the delivery of 330 dwellings by Compass Housing Services under the NSW Social and Affordable Housing Fund program.
These transactions mark an early demonstration of NHFIC's transformative financing and signals its capacity to deliver complementary and facilitative activities in the community housing sector, which is set to grow.
Partner, John Eagleton, and lawyers, James Cain and Tony Lui, led the KWM deal team, with support from Helena Cvitkovic, Annabel Deans, Liqing Mao, Ricky Melamdowitz, Rebecca Rajanayagam and Katya Shliapnikoff.
Commenting on the firm's involvement with NHFIC, John said: "We are part of a collective whose focus is to improve housing outcomes for Australians.
"At the firm's core we aim to make a valuable contribution to reducing inequality and poverty; a central theme of our 2022 strategic vision for our pro bono practice and broader Community Impact program. This extends through our transactional work, where our sector leadership endeavours to 'pay it forward' by advising public agencies and frontline providers to enable them to do what they do best."
KWM advised the Commonwealth (The Treasury) on the establishment of NHFIC and has continued to partner with the organisation on all aspects of its operational establishment and market-facing activities.
"Our contribution to a highly effective policy vehicle of this kind augments the expertise and drive of its board, officers and personnel and its dedicated housing sector engagement." John continued.
KWM is at the forefront of Australian market developments in sustainable financing and social impact investment, having advised on pioneering and award-winning 'for purpose' financing transactions across a range of products and sectors, including most recently the inaugural Woolworths green bond and the green, climate, social and sustainable bond issuances by a range of governments, institutions, corporates and international development and policy banks.
