More social housing will be built by a Grimsby-headquartered provider following a successful bond sale.
Lincolnshire Housing Partnership said it had secured a “significant premium” on the sales, allowing it to “deliver even more new homes across the region than first imagined”.
LHP, which operates in Grimsby and Boston, sold £40 million of retained bonds.
Due in 2059, with a 4.321 return, they follow the issue of £150 million in 2014, of which the organisation immediately repurchased half.
Julie Kennealy, executive director of resources at LHP, said: “This is a great outcome for LHP and transformational in our financial position.
“This capital will allow an opportunity LHP to extend the growth commitments of its 2019 Strategic Plan, which included 240 additional homes in communities across Lincolnshire by 2023 and maintain strong liquidity and financial resilience to meet future challenges presented post-pandemic.
“Without doubt our recent credit rating success was key to the bid we secured, and we pushed everyone hard to make big decisions so quickly – despite the constraints placed on us during lockdown too!”
LHP said it is now in a position where “it can exceed those expectations” while also being in a “strong position to tackle any post-COVID-19 challenges”.
LHP, created following the merger of Boston Mayflower and Shoreline Housing Association in 2018, was supported in the bond sale process by Centrus as treasury advisors, Savills as valuers and Trowers as legal advisors.
