Bruntwood raises £91m with second retail bond
Bruntwood has raised £90.8m from its second retail bond.
The bond included a cash offer, which raised £58m, and exchange for holders of the firm’s existing secured retail bond maturing in 2020, which provided an additional £32.9m.
The money raised from the bond, which Bruntwood said was significantly oversubscribed, will reduce the LTV rate of existing secured banking facilities and help diversify Bruntwood’s funding base.
Bruntwood has raised £90.8m from its second retail bond.
The bond included a cash offer, which raised £58m, and exchange for holders of the firm’s existing secured retail bond maturing in 2020, which provided an additional £32.9m.
The money raised from the bond, which Bruntwood said was significantly oversubscribed, will reduce the LTV rate of existing secured banking facilities and help diversify Bruntwood’s funding base.
Chris Oglesby, chief executive of Bruntwood, said: “While our first bond in 2013 proved to be a success, the demand we’ve seen from investors for a second time really demonstrates the positive outlook for the market and is testament to the strength of our business.
“Through this issue we have been able to diversify our funding base, which means we can better manage risk across our portfolio and create further headroom in our secured facilities.
“Our investors have played a big part in our continued success and development over the past seven years and the success of this bond will allow us greater flexibility as we continue to invest in the UK’s thriving cities.”
Chatham Financial advised Bruntwood on the transaction, while City and Continental, which operates as Allia C&C, and Peel Hunt acted as joint lead managers on the issue. Freshfields Bruckhaus Deringer advised on legal aspects of the transaction.
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