Skip to Main Content

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.         

Project leads

Grant Vaughan

Partner

Chris Evans

Director

“Newbridge were the architects behind this transaction which brought a range of benefits to Bromford. This created a more agile pathway to new funding without the full weight of new legal documents, a full security charging cycle or an extended roadshow. The funds were received quickly following our first discussion, and the immediacy of pricing was a key attraction in a rising rate environment.”   

Imran Mubeen, Director of Treasury, Bromford Housing Group

Insights

Newbridge’s Partner for Regeneration and Development, will be co-chairing a panel at UKREiiF in Leeds to explore what has been accomplished so far at Meridian Water in Enfield.

Newbridge’s Regeneration and Development Team is advising Enfield Council on the procurement of a development partner to deliver up to 600 new homes at Meridian 13.

Newbridge chaired a roundtable between housing associations and three leading funders to explore the potential positive impact of SLLs in the social housing sector.