We advised B3Living on its completed £68million listed secured bond issue. Completed in February 2013, this was the first bond issue for B3Living, formerly Broxbourne Housing Association, which manages 4,334 houses in Hertfordshire’s Lee Valley. The secured bond issue will provide additional funds to finance the development of much needed homes for low-income families and key workers.
The secured bond has a maturity of 25 years and was priced, following a competitive bidding process, at an attractive coupon of 4.823%. The bond was taken by a single investor.
John Giesen, Chief Executive of B3Living said: “This is good news for our homes, communities and business. We are now strongly placed to build on our successes to date and continue with our vision creating great places where people want to live.”
Client Name: B3 Living
Client Sector: Social Housing
Project Progress: Completed February 2013