Places for People raises £500m in record social enterprise bond

Social enterprise Places for People has closed the sector’s biggest-ever bond, a £500m issuance. The paper was issued from Places for People’s Sustainable Finance Framework alongside a tender offer for an existing secured bond due to mature in July 2024 and a £150m capped tender offer for a £400m unsecured bond maturing in August 2026. The money, priced at 165 bps over UK gilts, will refinance debt and generate more funds to be invested into communities in England and Scotland. Matt Cooper, tax and treasury director at Places for People, said: “The success of this bond issuance not only demonstrates investors’ confidence in our sector but also in our organisation. The demand we received is a testament to investors’ commitment to supporting the sector in developing new homes and to reach its ambitions for more energy-efficient homes. We also believe that, like us, they think our purpose is strong and vital. “In addition to allowing us to refinance conventional bonds with sustainable finance, this issuance will allow us to continue to invest in our existing housing for the wellbeing of our customers and communities. It will also contribute to delivering 7,000 new affordable homes by 2026, in partnership with Homes England.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Harlow aerial view © Places for People/Meeting Place