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Libra Treasury No. 2 (3.25% May 2043): 14 May 2018

The net proceeds from the issue of the Bonds (or in the case of £100,000,000 in principal amount of Retained Bonds, which will be immediately purchased by the Issuer on the Closing Date) will be advanced by the Issuer to one or more of Axiom Housing Association Limited Friendship Care and Housing Limited, Longhurst & Havelok Homes Limited or Spire Homes (LG) Limited pursuant to a loan agreement between the Borrowers and the Issuer to be dated on or around the Issue Date to be applied in accordance with each Borrower's charitable objects.

The Retained Bonds will be issued and subscribed by the Issuer on the Issue Date and will be held by or for the account of the Issuer pending sale of the Retained Bonds by the Issuer to one or more third parties. Retained Bonds shall carry the same rights and be subject in all respects to the same conditions as other Bonds excepting that, pending sale or cancellation by the Issuer, such Retained Bonds will not be treated as outstanding for the purposes of determining a quorum for voting at meetings of Bondholders.

Extract from official press release (edited):-

It is the second time that the Group, which owns and manages over 22,500 properties across the Midlands and East of England, has used a treasury vehicle to issue a bond. Savills Consultants advised the Group throughout this process as well as the previous bond issue six years ago.

Rob Griffiths, Deputy Chief Executive and Chief Financial Officer at Longhurst Group, said: “We’re very pleased with the results from our latest bond issue and the level of interest from investors. We will be using the proceeds from the bond issue to fund our forward development programme where we are looking to deliver around 700 much needed new homes each year for affordable rent, low cost home ownership and market sale.”