Private education provider Alpha Plus Holdings, owned by DV4, which is advised by Delancey, has launched an eight-year 5% retail bond.
Alpha Plus operates 18 independent schools, nurseries and sixth form colleges, mostly in London.
The bonds are available to retail investors and are secured against real estate and other assets, including a portfolio of freehold and leasehold properties comprising a number of its schools.
The bonds are the second secured issuance following the issue of a £48.5m, 5.75% bonds due in December 2019.
The first issue has traded consistently at a premium to its issue price on the London Stock Exchange’s Order Book for Retail Bonds.
Alpha Plus said the net proceeds of the issue of the bonds would be used in part by the company to repay the existing £34.1mshareholder debt owed to DV4 Holdings.
Canaccord Genuity and Peel Hunt are acting as managers on the issue.
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