Section: Housing Finance

Sovereign agrees £250m unsecured credit facility to fund ambitious plans

Posted 05.07.19
Sovereign Housing Association: Further reading

With ambitious plans to build even more new and affordable homes, Sovereign has entered into a ground-breaking three-year £250 million unsecured revolving credit facility, syndicated across five lenders.

This deal will provide the 58,000-home housing association with financial security through a potentially uncertain political and economic period.

It will also provide the flexibility and liquidity to allow Sovereign to consider the best time to approach the debt capital markets to raise long-term funding to support its ambitious development programme - taking control through more land-led developments and building 1,900 new homes a year.

The lenders, led by NatWest, include Lloyds Bank, MUFG, National Australia Bank and SMBC.

This is Sovereign's first unsecured borrowing and one of the first major unsecured bank facilities in the sector.

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Reporting on July 2019

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