Chicago, Jan. 18 – London & Quadrant Housing Trust sold £300 million of 2% secured sustainability-linked notes due March 31, 2032 (A3/A-/A+), according to a term sheet.
The notes priced at 99.731 to yield 2.029%, or 15 basis points over the 4.25% U.K. Treasury.
There are step-up provisions regarding the coupon. Annually, starting Sept. 30, 2024, the notes can step up by 12.5 bps if the key performance indicators are not met. The KPI targets are tied to emissions of carbon dioxide equivalent.
The notes can be redeemed at any time after Dec. 31, 2031.
Managers for the Regulation S offering were Barclays, BNP Paribas, HSBC Bank plc and National Australia Bank Ltd.
Proceeds will be loaned to the issuer’s subsidiaries or will be used to repay debt.
The notes will be listed on the London Stock Exchange.
The issuer is a London-based residential developer.
| Issuer: | London & Quadrant Housing Trust
|
| Amount: | £300 million
|
| Issue: | Secured sustainability-linked notes
|
| Maturity: | March 31, 2032
|
| Bookrunners: | Barclays, BNP Paribas, HSBC Bank plc and National Australia Bank Ltd.
|
| Trustee: | Law Debenture Trust Corp. plc
|
| Counsel to issuer: | Devonshires Solicitors LLP
|
| Counsel to bookrunners: | Allen & Overy LLP
|
| Assessor: | DNV Business Assurance Services UK Ltd.
|
| Coupon: | 2%
|
| Price: | 99.731
|
| Yield: | 2.029%
|
| Spread: | U.K. Treasury plus 15 bps
|
| Call option: | Any time after Dec. 31, 2031
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | Regulation S
|
| ISIN: | XS2430702105
|
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