Housing association Jigsaw Homes Group has agreed a £715m debt restructure to support its development pipeline.
It has entered into new loan agreements with six existing lenders and an additional £25m in additional funds from Nationwide.
The restructure has taken 18 months, following on from its launch through the merger of Adactus Housing Group and New Charter Housing Trust in April 2018.
It provides streamlined covenants and additional headroom to allow Jigsaw to deliver its target of 2,100 homes in the three years to March 2021, and provide capacity for at least 800 homes per year after this.
Paul Chisnell, executive director for finance at Jigsaw, said: ““This is the result of nearly two years of work and is an important step towards realising the full potential of the formation of the Jigsaw Group.
“Our lenders across the group have been supportive throughout the course of this project; because of this we were able to complete it during these unprecedented circumstances we were presented with, at the tail end of the process.”
Savills Financial Consultants advised Jigsaw on the restructure.
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