One Heritage Group, a developer focused on the north of England, is making its first move into the bond market with a £1.5m unsecured issuance to international investors.
The company has issued the two-year paper with a fixed coupon of 8% and will use the money to repay part of existing loans from One Heritage SPC.
Jason Upton, chief executive of One Heritage Group, said: “The issue of the corporate bond demonstrates how the management team is diversifying sources of funding for the company, in order to reduce the risk of refinancing and the cost of finance. The funds were all raised outside the UK, which demonstrates the strength of our overseas network, notably in Hong Kong.”
