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Case studies

LSVT refinancing for RedKite

£1m Over £1m in interest cost savings per annum

£60m £60m debut private placement, split across three tranches

£20m £20m deferred monies for 12 months

Background

RedKite signed a syndicated facility in 2012 with expensive margins and LSVT-style covenants.

The aim of the refinancing was to:

Remove restrictive covenants
Reduce the cost of funding
take advantage of the current low long-dated interest levels
Facilitate a value-enhancing development programme
Obtain approval to form new group structure

Our role in the process was to advise on the funding strategy, negotiate with lenders and investors and support the decision-making process of the Red Kite’s Board

Our Approach

Conducted a number of evening sessions for the Board to talk them through the refinancing strategy
Provided training and negotiation tactics for when Red Kite met with syndicate lenders
Interviewed potential arranger banks
Oversaw the pricing and sale of the bonds
Managed potential risks after pricing

Benefits

Removal of all LSVT-style restrictions
Bespoke funding agreement to suit the needs of Red Kite
£60m Private Placement – with 1-year deferral
Substantial reduction in the annual interest bill (£1m saving p.a.)
Negotiated settlement of swap break costs
New banking facilities – RCF and Term Loan
Refinanced Syndicate lenders
Reduced suite of financial covenants

More Social Housing case studies

£250m public bond and A+ credit rating for Incommunities

£40m Private Placement funding for Howard Cottage

£150m Private Placement and A+ credit rating for Octavia Housing

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