Lincolnshire Housing Partnership (LHP) have arranged a £30m 7-year revolving credit facility (RCF) with Danske Bank.
The ESG ready facility includes a 15-year term option, providing further flexibility.
The new facility, as well as maintaining LHP’s strong liquidity levels, supported the removal of restrictive covenants within its portfolio.
Centrus acted as sole advisor to LHP and arranged the RCF. Anthony Collins advised on the corporate and legal aspects including security.
Kathryn Price, executive director of finance – LHP, said: “We are delighted with our new relationship with Danske. The new facility as well as helping maintain our strong levels of liquidity, has helped facilitate the removal of restrictive covenants. This leaves LHP in a significantly stronger position to deliver our planned investment strategy and deliver better homes for our customers.”
Terri McCullagh, corporate banking manager – Danske Bank UK, said: “Danske Bank has been the lead bank provider of finance to the social housing sector in Northern Ireland for many years and we have been growing our presence in the sector in the rest of the UK. We are pleased to start 2023 with a significant transaction in England which will support the provision of much needed rental and shared ownership homes to people and communities in Lincolnshire.”
Tom Miller, assistant director – Centrus, said: “We are delighted to have supported LHP during the fund-raising process. The facility has helped to unlock increased capacity that will ensure LHP are able to maintain high levels of investment in their stock. Centrus has been at the forefront of developing the RP market for ESG-linked funding, where the ability to reduce borrowing costs offers tangible benefits.”
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