Poplar HARCA in £140 million bond issue
Wed 24th July 2013, 10:55 am
London housing association Poplar HARCA has refinanced a number of outstanding bank loans with a £140 million bond issue.
The bonds will refinance £133 million of outstanding bank loans, as well as paying for £6.6 million of costs.
They will mature in five equal payments in 2033, 2035, 2037, 2039 and 2041, followed by a slightly larger final payment in 2043.
Following the refinancing, the assocation will have £252 million of debt outstanding at the end of the 2014 financial year, equivalent to around 5.8 times revenues and 60 per cent of its assets.
Credit rating agency Moody’s has rated Poplar HARCA at A3, at the lower end of the scale for UK housing associations.
It said that the relative position reflected “weaker cash flows, higher debt-to-revenue ratio, weaker margins and lower liquidity”.
Poplar HARCA focuses on regeneration projects and estate management in London Borough of Tower Hamlets.
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