bpha taps existing £200m 2044 bond

bpha today (17 October 2018) announced a £150m tap of its existing £200m 2044 bond, taking the bond nominal to £350m with £75m being retained.

The bonds priced at 145bps over the reference gilt. Standard & Poor’s rated the deal at A+, in line with bpha’s credit rating.

Paul Gray, Chief Financial Officer of bpha Group, said: “Securing long-term debt at affordable rates is key to the long-term strategy of bpha. This additional £75m, which we consider to be at an attractive price in the current market, will aid bpha’s development ambitions of delivering 600 affordable homes per annum.”

The bond follows the announcement on 5 October 2018 of a 10 year, £50m revolving credit facility with Clydesdale bank, bringing the total finance raised so far in this financial year to £125m.