Raising cash proceeds through an innovative approach, by amending the coupon on a legacy private placement instrument to bring it to an on-market coupon.
Benefits to the client
Raising £50 million of cash proceeds to be utilised to fund Bromford’s ongoing social housing development programme. Funds were raised by increasing the coupon on an existing £100 million private placement, and as such no additional debt was incurred and no additional security required.
Newbridge role
Newbridge structured the transaction, helping both Bromford and the investor to navigate the structure and come to a common approach on valuation and execution.