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Case studies

Newlon raises £135m from private placement market

Background

Newlon is a mid-sized housing association with a significant development programme, looking to fund long-term development aspirations
Funding was to be drawn in multiple tranches – £55m at the time and the balance deferred
The borrower had approached the private placement market in 2012 and wanted to follow the 2012 terms and conditions

Our Approach

JCRA reviewed the business plan to understand the funding requirements and any potential impact on Moody’s rating
Agreed with Newlon an approach to investors, focusing on engaging with new US investors
Prepared a detailed tender document and approached six arrangers
Assisted in the preparation of the investor presentation
Ensured chosen arranger remained focused on US investor pool

Benefits

Raised £135m after the initial book was 4x over-subscribed
Achieved bids from a number of North American investors – including first-time investors
Average cost of debt was 3.34%, against a public deal of at least 3.45%
Funding was in two tranches, with the deferred tranche priced at the forward gilt and no extra premium
Terms of the deal followed the existing 2012 Note Purchase Agreement

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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