bpha issues £125m Private Placement

Following a successful UK and US roadshow bpha issued a £125m Private Placement in February 2020 with UK, US and Canadian investors, with settlement dates in February and May 2020.

The deal was mostly on an unsecured basis (over 90% unsecured) with a range of maturities between 10 and 20 years and an all in weighted average rate of under 2.50%.

The transaction attracted great interest from the investor community and was nearly three times oversubscribed, which allowed bpha to increase the size of the deal and agree favourable terms. Six investors participated, some of which invested in the sector for the first time and on unsecured basis.

This deal is part of bpha’s funding strategy to diversify its debt portfolio with unsecured debt alongside its existing secured debt facilities and provides significant liquidity to fund its planned development programme over the next few years.

Julian Pearce, Chief Financial Officer at bpha, said: “We are delighted to broaden our funding base with new investors and really pleased with the extremely positive feedback we received from investors throughout the process.

“Their confidence in bpha and its management team has resulted in a fantastic outcome for our debut private placement.”