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Economic Development

Welsh housing association completes major 拢105m refinancing deal

Tai Calon says it has finalised a long-term debt refinancing partnership with NatWest

The Glanffrwd development site in Ebbw Vale

A south Wales housing association has completed a multi-million-pound refinancing deal with NatWest Group in a “significant turning point” for the company. Tai Calon in Blaenau Gwent announced that it has finalised a £105m long-term debt refinancing partnership with the major bank.

It said the “landmark” agreement is the “start of a new era of growth” for the company and will “transform the affordable housing landscape in Blaenau Gwent”. The deal enables the business to access a greater level of flexible funding typically associated with developing housing associations.

Tai Calon said that, until now, it had limited its housing developments to one small ‘Housing First’ scheme and is in the middle of a small housing development in Ebbw Vale. However, following the refinancing, the firm is now preparing to launch a full-scale development programme of affordable housing throughout Blaenau Gwent.

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Tai Calon chief executive Howard Toplis said: “With the support of the NatWest Group, we can now initiate a development programme of new affordable homes for those in need within the county of Blaenau Gwent. This presents an exciting opportunity to make a real difference in the lives of our communities and address the pressing demand for quality and affordable housing.”

He added: “Development is only one part of three key objectives to Tai Calon’s mission, the other two being customer satisfaction over 90% and reducing the energy costs of the existing homes for the benefit of our customers and the planet. With this refinancing, we are pushing forward on all three objectives.”

NatWest Group associate director Dharmesh Patel, Associate Director said: “ We are really pleased to support Tai Calon and welcome the positive social and environmental impact that our funding will have for the communities in Blaenau Gwent. This collaboration exemplifies NatWest Group’s commitment to supporting initiatives that create a lasting impact on communities.”

The refinancing deal was advised on by corporate finance advisory firm 2Tix Ltd, with legal advice provided by Clarke Wilmott.