Bromford succeeds in raising £61m through its first private placement
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Bromford has successfully raised £61m of 25 year bonds (Private Placements) at an overall fixed interest rate of 4.93%. This is an alternative source of funding that supports Bromford's development plans for the next two years. This additional £61m adds to our already very healthy financial position.
The transaction was managed through Lloyds Bank private placements team and attracted two high profile UK investors, Legal and General and M&G, part of Prudential.
Bromford's Director of Treasury Alison Cambage said: "We are only the sixth housing association to issue in the private placement market. Bromford's story and the market view of its credit was very well received and has given us useful exposure and new relationships for the future."
All legal documentation is now in place enabling Bromford to return to the market and 'top up' if required in the future.