Boston Mayflower Finance PLC LHP add GBP30m ESG-linked RCF funding to portfolio (2742W)
14 April 2023 - 7:00PM
UK Regulatory
TIDM90IY
RNS Number : 2742W
Boston Mayflower Finance PLC
14 April 2023
Boston Mayflower Finance PLC
14 April 2023
LHP add GBP30m ESG-linked RCF funding to portfolio
Lincolnshire based housing association LHP, who owns and manages
over 12,000 homes, has arranged a GBP30m 7-year RCF with Danske
Bank. The facility also includes a 15-year term option, providing
further flexibility.
The new facility, as well as maintaining LHP's strong liquidity
levels, supported the removal of restrictive covenants within LHP's
portfolio, further boosting LHP's capacity and resilience. Both
factors will ensure LHP remain in a strong position to continue to
meet the needs of their customers by investing in their homes,
local communities, and services.
The transaction, which completed in January 2023, sees Danske
Bank provide a GBP30m ESG ready RCF. The ESG ready inclusion is a
first for LHP and will align with LHP's social purpose.
The 15-year term optionality will also provide LHP with
increased flexibility, providing a source of competitively priced
medium-term debt.
Centrus acted as sole advisor to LHP and arranged the RCF,
delivering a solution that helps support LHP's long-term business
plan. Anthony Collins advised on the corporate and legal aspects
including security.
Kathryn Price, Executive Director of Finance - LHP
"We are delighted with our new relationship with Danske. The new
facility as well as helping maintain our strong levels of
liquidity, has helped facilitate the removal of restrictive
covenants. This leaves LHP in a significantly stronger position to
deliver our planned investment strategy and deliver better homes
for our customers".
Terri McCullagh, Corporate Banking Manager - Danske Bank UK
"Danske Bank has been the lead bank provider of finance to the
social housing sector in Northern Ireland for many years and we
have been growing our presence in the sector in the rest of the UK.
We are pleased to start 2023 with a significant transaction in
England which will support the provision of much needed rental and
shared ownership homes to people and communities in
Lincolnshire."
Tom Miller, Assistant Director - Centrus
"We are delighted to have supported LHP during the fund-raising
process. The facility has helped to unlock increased capacity that
will ensure LHP are able to maintain high levels of investment in
their stock. Centrus has been at the forefront of developing the RP
market for ESG-linked funding, where the ability to reduce
borrowing costs offers tangible benefits."
ENDS
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