x
_thumbnail_id: Array
author: Array
_author: Array
article_modules: Array
_article_modules: Array
modules_0_title: Array
_modules_0_title: Array
modules_0_content: Array
_modules_0_content: Array
modules: Array
_modules: Array
modules_2_download_box_download_box_title: Array
_modules_2_download_box_download_box_title: Array
modules_2_download_box_download_box_button_text: Array
_modules_2_download_box_download_box_button_text: Array
modules_2_download_box_download_box_button_url: Array
_modules_2_download_box_download_box_button_url: Array
modules_1_title: Array
_modules_1_title: Array
modules_1_content: Array
_modules_1_content: Array
modules_1_download_box_download_box_title: Array
_modules_1_download_box_download_box_title: Array
modules_1_download_box_download_box_button_text: Array
_modules_1_download_box_download_box_button_text: Array
modules_1_download_box_download_box_button_type: Array
_modules_1_download_box_download_box_button_type: Array
modules_1_download_box_download_box_button_url: Array
_modules_1_download_box_download_box_button_url: Array
modules_1_download_box: Array
_modules_1_download_box: Array
modules_2_quote_author: Array
_modules_2_quote_author: Array
modules_2_enable_tweet: Array
_modules_2_enable_tweet: Array
modules_2_quote: Array
_modules_2_quote: Array
modules_3_title: Array
_modules_3_title: Array
modules_3_content: Array
_modules_3_content: Array
modules_4_title: Array
_modules_4_title: Array
modules_4_content: Array
_modules_4_content: Array
modules_5_background_image: Array
_modules_5_background_image: Array
modules_5_video_title: Array
_modules_5_video_title: Array
modules_5_video_thumbnail_url: Array
_modules_5_video_thumbnail_url: Array
modules_5_video_url: Array
_modules_5_video_url: Array
modules_5_video_duration: Array
_modules_5_video_duration: Array
modules_5_video_description: Array
_modules_5_video_description: Array
modules_5_video_embed_code: Array
_modules_5_video_embed_code: Array
modules_6_title: Array
_modules_6_title: Array
modules_6_content: Array
_modules_6_content: Array
modules_5_image_caption: Array
_modules_5_image_caption: Array
_yoast_wpseo_content_score: Array
article_modules_1_download_box_download_box_title: Array
_article_modules_1_download_box_download_box_title: Array
article_modules_1_download_box_download_box_button_text: Array
_article_modules_1_download_box_download_box_button_text: Array
article_modules_1_download_box_download_box_button_type: Array
_article_modules_1_download_box_download_box_button_type: Array
article_modules_1_download_box_download_box_button_url: Array
_article_modules_1_download_box_download_box_button_url: Array
_yoast_wpseo_primary_category: Array
_wp_old_slug: Array
article_modules_1_title: Array
_article_modules_1_title: Array
article_modules_1_content: Array
_article_modules_1_content: Array
modules_0_module_title: Array
_modules_0_module_title: Array
modules_0_background_color: Array
_modules_0_background_color: Array
modules_0_module_type: Array
_modules_0_module_type: Array
modules_0_filter_posts_by_taxonomy: Array
_modules_0_filter_posts_by_taxonomy: Array
modules_0_filter_posts_by_tags: Array
_modules_0_filter_posts_by_tags: Array
modules_0_link_text: Array
_modules_0_link_text: Array
modules_0_link_url: Array
_modules_0_link_url: Array
article_modules_2_title: Array
_article_modules_2_title: Array
article_modules_2_content: Array
_article_modules_2_content: Array
_yoast_wpseo_focuskw_text_input: Array
_yoast_wpseo_focuskw: Array
_yoast_wpseo_metadesc: Array
_yoast_wpseo_linkdex: Array
page_summary: Array
_page_summary: Array
modules_1_text: Array
_modules_1_text: Array
modules_2_module_title: Array
_modules_2_module_title: Array
modules_2_background_color: Array
_modules_2_background_color: Array
modules_2_column_ratio: Array
_modules_2_column_ratio: Array
modules_2_editor_content_left: Array
_modules_2_editor_content_left: Array
modules_2_button_text_right: Array
_modules_2_button_text_right: Array
modules_2_button_type_right: Array
_modules_2_button_type_right: Array
modules_2_button_url_local_right: Array
_modules_2_button_url_local_right: Array
article_modules_0_title: Array
_article_modules_0_title: Array
article_modules_0_content: Array
_article_modules_0_content: Array
_wp_old_date: Array
article_primary_tag: Array
_article_primary_tag: Array
_dp_original: Array
_edit_lock: Array
_edit_last: Array
Newlon raises £135m from private placement market
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

Case studies
£35m retained bond sale for RHP
Social Housing December 2019
Case studies
£250m public bond and A+ credit rating for Incommunities
Social Housing March 2019
Case studies
£40m Private Placement funding for Howard Cottage
Social Housing March 2019

Contact us

If you need hedging or debt advice or would like to speak to the team, please get in touch.