Longhurst forward sells a £100 tap of its 3.250% 2043

September 7, 2021 Published by

Newbridge supported Longhurst Group forward place a tap of its 3.250% May-2043 across three settlement dates.

The £100m tap, which was priced at a significant premium to par, will settle in April 2022 (£25m), September 2022 (£25m) and April 2023 (£50m). Having been selected once again as a Homes England strategic partner, the proceeds will be used to support the next stage of Longhurst’s delivery of new affordable homes.

Robert Griffiths, Deputy Chief Executive and Chief Financial Officer said: “We were really pleased to have worked with Chris and the team at Newbridge on arranging the tap to our 2043 bond and were delighted with the result.

The £100m forward sale will help support our forward development programme and long-term Strategic Partnership with Homes England.”

Chris Evans, Director at Newbridge Advisors commented: “We are delighted to have supported Longhurst in securing future finance at an extremely competitive rate which significantly de-risks its development pipeline. Furthermore, this innovative financing structure came from a new investor to the group, increasing the likelihood for further appetite in the capital markets going forward.”