Housing & Care 21 launches £250 million bond issue
Housing & Care 21 has secured £250 million at a fixed rate of 3.288% for 30 years (on average). The bond issue is part of a treasury strategy we established earlier this year to support our Strategic Plan 2017-21, and diversify our lenders base by raising long-term finance through capital markets.
Bruce Moore, Chief Executive, Housing & Care 21, said “Our bond issue is really great news and provides certainty of funding to achieve our development ambitions. This is a reflection of the strength of the whole organisation.”
“The bond attracted considerable interest from some of the country’s leading financial institutions and was nearly three times over-subscribed. This is a reflection of the growing confidence in Housing & Care 21 business model and our ability to deliver.”
Paul Weston, Chief Finance Officer, also commented “We are delighted to have achieved a successful bond issue of £250 million to support our current development programme of 2,310 properties by 2021. Housing & Care 21, as a specialist provider of older people’s accommodation, has strong credit metrics and different characteristics to a general needs housing provider. We are pleased that our unique profile and focus on delivering housing and social care for older people has been well received by investors.”