Orbit Capital Ltd (3.375% June 2048): 16 June 2018
The net proceeds from the issue of the bonds will be advanced by the issuer to Orbit Group Limited (Orbit), Orbit South Housing Association Limited (Orbit South) and Heart of England Housing Association Limited (Heart of England).
Orbit Group Limited is the parent company of the Orbit Group. The Group contains three charitable registered providers: Orbit, Orbit South Housing Association Limited (trading as Orbit East and South) (Orbit South) and Heart of England Housing Association Limited (trading as Orbit Heart of England). The Group is one of the largest housing organisations in the country and manages over 40,000 homes across the Midlands, East and South East. It employs over 1,200 people.
The Valuation Report was prepared by Savills Advisory Services Limited
EUV-SH or, where appropriate, MV-ST …………………………………………………….................…Total
……………………Units …….EUV-SH is appropriate….Units…......... MV-ST is appropriate
…………………….No…………………………………....... No.
Orbit……………… ..614…….. £45,028,694………………217…….. .. £22,649,700....................£67,678,000
Orbit South………... 417…….. £28,146,756 ……………..2,703…...... £348,456,304……....… £376,603,000
Heart of England….. 304……. £19,932,602…………….. 827 ..........…£75,567,018……......…. £95,500,000
Total …………….....1,335…... £93,108,000……………... 3,747 ..........£446,673,000 …......….£539,781,000
Official news release:
Orbit, one of the largest housing groups in the UK, has secured £450m in a 30-year bond deal to support its ambition of delivering 20,000 new homes over the next 10 years.
The 40,000-home landlord raised the senior secured bonds with a coupon of 3.375% and an all-in cost of finance at 3.46%.
Joy Baggaley, Group Finance Director at Orbit, added: “We set out to put in place stable, long-term funding to support our development programme and deliver much needed homes. We were delighted by the strong level of interest from the investor community evidenced by the significant oversubscription in our issue, which meets all our corporate finance and business objectives.”
Compare/contrast: Orbit Capital Plc (3.50% March 2045)