Southern Housing Group successfully issues £300m Public Bond
Southern Housing Group Limited has issued £200m through a public bond issued at a coupon of 3.5% with another £100m retained for later sale.
Issued directly from Southern Housing Group Limited, the Bond had an assigned Moody’s credit rating of A2.
Following a successful roadshow the Bond attracted a significant number of bids from a wide range of investors and was priced over the UKT 1.5% 2047 gilt – at a spread of 158 basis points and all-in cost of 3.615 per cent.
James Francis, Group Finance Director, said “We were keen to engage with a wide group of investors. The bond will fund our measured plans to grow the number of good quality affordable homes we provide and support our support our long term financial health.”
The Bookrunners for the Bond were HSBC; NatWest Capital Markets and Lloyds.
Rothschild and Newbridge Advisors LLP acted as advisors, with Devonshires providing legal advice to Southern Housing Group Limited.
JLL performed the security valuation, while Addleshaw Goddard acted for the investors.