WE are delighted to announce that we have secured a £125 million public bond, allowing us to continue developing affordable homes for local people over the next seven years.
The bond will see us, having recently received an AA- rating by credit agency Standard & Poor’s and an A2 rating from Moody’s, work towards our target of acquiring and managing 10,000 properties.
Recognising our robust financial history, strong business plan and excellent governance - as demonstrated by the Homes and Communities Agency awarding us the highest ratings available for both governance (G1) and financial viability (V1) - the bond is a fixed price loan over 30-years with interest charged at 4.79%.
The fixed price bond will allow us to explore new development opportunities during the next seven years in the certainty that the funds are available to enter into contract with construction companies.
The bond and long-term development programme is also testament to our aim of continuing to provide local people with both the housing and tenures, such as social rent and shared ownership, that they require.
Having expanded our operation county-wide, and after recently launching our 1,500th new build home in Goojerat Road, Colchester, we also created earlier this year a development subsidiary, Myriad Homes, and a build company, Myriad Housing, to help us meet our development target.
David Hart, Director of Resources, said: “This is tremendous news for us as an ambitious housing company committed to providing local people with affordable homes throughout Essex.
“The bond, and ratings from credit agencies Moody’s and Standard & Poor’s, signifies our strong financial history and our commitment to a long-term development programme. This is demonstrated further by the confidence shown by investors in our work, namely delivering a range of high-quality homes and first-class services to our residents.”