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DWF advises DCM US Multi-Family Homes Plc on $750million bond program

21 July 2020
DWF's Debt Capital Markets team has advised DCM US Multi-Family Homes Plc in its capacity as issuer on its US$750,000,000 Medium-Term Note bond program.

The first 2020-DCM1 Series was issued by DCM on 1st July for an amount of US$100,000,000. The proceeds of the bonds will be used as mezzanine financing by DCM Real Estate Inc., a Delaware corporation, for development and refurbishment of multi-family accommodation real estate assets in the US originated by Sureste Partners LP.

DCM has applied to the Frankfurt Stock Exchange (Open Market) and the Irish Stock Exchange plc (Euronext Dublin) for the 2020-DCM1 Series to be admitted to the Official List and to trading on the Global Exchange Market of Euronext Dublin (GEM).  The 2020-DCM1 Series has been assigned an A3 long-term credit rating by Credit Spectrum Corp., the US ratings agency.

Martin Pugsley, Global Head of Financial Services at DWF commented: "We are pleased to advise DCM on this significant bond issue, which will open up lines of mezzanine funding for development and refurbishment of multi-family accommodation in the US, a real estate segment comprised of approximately 35 million residents in the US alone. This transaction perfectly demonstrates our global credentials on complicated cross-border capital markets transactions."

Martin Pugsley, with Michael Byrne in the London office, led DWF's team.  Stephen Double of Holland & Knight (New York) provided US law advice.

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