Affordable homes provider East Midlands Housing (Emh group) has completed the £370 million refinancing of its debt – agreeing £270 million of banking facilities, including new finance of £90 million, and selling £100 million of bonds.
The Leicestershire-based group said it will use the refinancing and bond sale to fund its business plan, which will include new sites and improvements to existing properties.
Geoff Clarke, Emh’s finance director said "We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record.
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“Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods."
A spokeswoman for the social housing provider said: “With this financing in place, Emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the east midlands.
“The company remains committed to its core values integrity, diversity, openness, accountability, clarity and excellence.”
John Horton, director of housing finance at NatWest, said “We are very pleased to build on our long-term relationship with Emh by providing support which helps them to fulfil their strategic goals.
“It is important to NatWest that our customers and wider communities succeed, and assisting Emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
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Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support Emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Chatham Financial was funding advisor and Anthony Collins was legal advisor on the transactions.
Emh group provides approximately 22,000 homes across the East Midlands and is a Homes England strategic partner and aims to deliver around 500 homes a year for social rent, and shared ownership.