By Lisa Kerner
Charlotte, N.C., March 31 – Retail Charity Bonds plc launched the 4% 10-year Hightown Praetorian & Churches Housing Association Retail Charity Bond, available to retail and wholesale investors.
According to Retail Charity, this is its second bond issued through its platform, which was created as an issuing vehicle to enable U.K. charities to raise medium-term debt financing through bonds issued to retail and wholesale investors.
The offer period is slated to close on or before April 27.
Proceeds will be loaned to Hightown, a social housing provider.
“The funds raised will enable Hightown to continue to build and develop new affordable homes in an area of very high demand and need,” said Hightown chief executive officer David Bogle.
The bonds have a minimum initial subscription amount of £500 and are available in multiples of £100 thereafter.
Interest is paid semiannually on Oct. 30 and April 30, beginning on Oct. 30, 2015 according to a company news release.
The bonds are expected to mature on April 30, 2025, with a final legal maturity on April 30, 2027.
At any time during the life of the bond, investors are permitted to sell the bonds on the open market.
Canaccord Genuity Ltd. acted as lead manager.
Authorized distributors include iDealing, Interactive Investor and Redmayne Bentley.
Hightown operates in Hertfordshire, Buckinghamshire and Bedfordshire with its head office located in Hemel Hempstead.
Retail Charity Bonds is an initiative of Allia, a U.K. charity and social investment specialist, and established in association with Canaccord Genuity.
| Issuer: | Retail Charity Bonds plc
|
| Issue: | Hightown Praetorian & Churches Housing Association Retail Charity Bond
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| Maturity: | April 30, 2025
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| Coupon: | 4%
|
| Announced: | March 31
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| Offering ends: | April 27
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| Subscription: | £500, in multiples of £100
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| Lead manager: | Canaccord Genuity Ltd.
|
| Distributors: | iDealing, Interactive Investor, Redmayne Bentley
|
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