Emh group (East Midlands Housing), one of the largest providers of affordable homes and support services in the East Midlands, has completed the refinancing of its debt. It refinanced £270 million bank facilities, including new finance of £90 million, and successfully sold £100 million of its bonds.
The refinancing and bond sale are part of its strategy to ensure sufficient and flexible funding is in place to fund its business plan. Emh can continue its commitment to delivering high-quality new homes and investment in its existing properties to improve energy efficiency and decarbonise its homes. This is to create thriving communities, drive economic growth, and contribute positively to the East Midlands landscape.
Geoff Clarke, emh’s executive director of finance, said “We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record. Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods.”
Lloyds Bank and NatWest, as core relationship banks, have played an important role in ensuring the success of this project. Their commitment to emh’s mission has reaffirmed the company’s position as a trusted player in the social housing sector, with growth and innovation.
The £370 million of loan facilities and bonds will provide emh with the necessary resources to complete its development projects, with sustainable new and existing homes to enhance the lives of residents. The £100 million bond sale reflects the confidence of investors in emh’s long-term viability and contribution to the social housing market.
With this financing in place, emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the East Midlands.
Chatham Financial acted as funding advisor and Anthony Collins as legal advisor.
John Horton, director, Housing Finance at NatWest, said: “We are very pleased to build on our long-term relationship with emh by providing support which helps them to fulfil their strategic goals. It is important to NatWest that our customers and wider communities succeed, and assisting emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Gowsikan Shugumaran, associate director, Chatham Financial, said: “We are delighted to have supported Geoff and his team in delivering this strategy through a mix of bank and capital markets funding, despite the challenging wider economic context. The successful outcome of this refinancing project has helped to unlock capacity and offers the management team greater flexibility to deliver the mission set out by Group Board.”
