The Wrekin Housing Group completes £600m refinancing deal
21 October 2019
Pictured: Wayne Gethings, Chief Executive, The Wrekin Housing Group
On top of flexible banking facilities a new bond has been issued on the London Stock Exchange.
The S&P A rated Group achieved a £250m, 29 year bond, of which £50m is retained, priced relative to Gilts at + 148 bps, with a coupon of 2.50% and is backed by a number of institutional investors.
The Group’s £400m banking facilities are shared between Allied Irish Bank, Natwest, Santander, Lloyds and the First Abu Dhabi Bank (FAB).
The refinancing enables the Group, who are already one of the best performing housing associations in the country in terms of developing new housing stock, to embark on a cross cutting investment programme. The programme will include further upgrades to existing stock and also enabling the development of more than 3,000 new homes across Telford & Wrekin, Shropshire and Staffordshire.
A keen driver of social value The Wrekin Housing Group also provides innovative care solutions and social enterprises all of which will be enhanced, allowing the Group to make a difference to people’s lives.
Group Chief Executive Wayne Gethings said “Closing this refinancing deal enables us to continue to make a difference to people’s lives as we embark on a series of investments in our existing homes as well as a new development programme that will see us grow our total stock by over 3,000 homes by 2025.”
Executive Director of Finance Francis Best said “The refinancing package puts the Group on a firm long term footing. We can now invest confidently enabling us to work with our partners to have a positive impact on local communities.”