Eversheds in $432 million property securitization

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Eversheds in $432 million property securitization

March 01 1999

NHP has completed one of the largest securitization issues in the UK to involve receivables from property investments. The £265 million ($432 million) fixed rate bond, issued through Care Homes No. 2 Limited, was backed by income from 103 nursing home leases.

Reg Nock from Eversheds led the tax team handling UK aspects of the deal.

Clifford Chance advised the lead managers, Merrill Lynch and JP Morgan. David Harkness, tax partner was involved, assisted by Matthew Desborough-Hurst.

Oslen Backhurst & Dorey represented NHP in Jersey, and Maples & Calder advised the issuer in the Cayman Islands.

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