Grainger has issued a £350m senior secured bond to support the business’s growth plans.
The bond, which is at a coupon of 3% for 10 years, will be used by the business to grow its PRS pipeline and repay a £200m short-term bank facility.
It will also increase the company’s weighted average debt maturity profile to 6.8 years.
Grainger chief financial officer Vanessa Simms said: “Today’s transaction is an important milestone in extending our maturity profile and provides long-term interest rate certainty at an attractive coupon. This will enhance our funding capacity to expand our PRS pipeline further.”
Barclays, HSBC and NatWest Markets acted as joint bookrunners. Rothschild & Co acted as financial adviser.
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
