Sanctury secures £120m bond
Sanctuary group, the housing association based in Worcester, has secured a £120m bond issue. Law firm Wragge & Co, which has an office in Birmingham, advised the group on the capital injection.
The transaction is a tap issue to the £200m secured bond issue the housing provider launched in March 2009, on which Wragge & Co also advised.
Wragge & Co’s Banking & Finance team led the bond issue.
Sanctuary priced and launched its latest bond issue through Sanctuary Capital, a vehicle for capital markets issues. Barclays Capital arranged the issue, which has now taken effect.
Sanctuary's group director of finance and resources, Craig Moule, added: "Long-term investors are looking for organisations that demonstrate financial robustness and continued success, which is why Sanctuary's bond issue is such an attractive proposition.
“This injection of capital will allow us to move forward with our intermediate and long-term growth plans, including the development of new affordable housing and social care schemes. Wragge & Co's team played an integral role throughout this strategically important transaction. Its market knowledge, technical expertise and proactive approach ensured a positive outcome."
Wragge & Co's cross-firm team worked closely with Craig Moule and Tony King, group director of capital investment. Partner Geoff Fuller at Allen & Overy LLP advised Barclays Capital.
