Sanctuary Capital PLC Sanctuary Group issues a tap of GBP150m (3572S)

TIDM71WG

RNS Number : 3572S

Sanctuary Capital PLC

13 July 2022

News release

13 July 2022

Sanctuary Group issues a tap of GBP150m

Sanctuary Group has issued a GBP150m tap of its existing 2.375% secured bonds due 2050.

Successfully navigating the current volatile market backdrop, the tap issuance attracted a broad number of investors, with a final orderbook that was over 5x subscribed.

The deal priced below the Group's existing cost of capital, at a spread of G+163bps, improving on the original spread of G+170bps when the initial bond was issued in April 2020. The blended yield across the 30-year bond is 2.9%, representing good value for money for the Group.

Sanctuary, which manages over 105,000 homes across England and Scotland, is rated A2 (stable) and A (stable) by credit rating agencies Moody's and Standard & Poor's respectively.

Ed Lunt, Sanctuary's Chief Financial Officer, said: "We are pleased to have secured this tap issue, particularly in the turbulent economic conditions, with the bond proceeds supporting our corporate priorities of growth and investment in our homes for the long-term benefit of our customers."

"The joint active book runners on the transaction were Lloyds Bank Corporate Markets and RBC Capital markets, with Newbridge Advisors LLP acting as advisors."

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Notes to editors:

Established in 1969, Sanctuary Group is responsible for the provision of social housing, care and management services across England and Scotland. It owns or operates over 105,000 units of accommodation and employs more than 12,500 people.

The Group operates under a not for profit umbrella, with surpluses reinvested into the provision of affordable housing, the maintenance of existing properties, and the development of new services for customers.

Sanctuary is an exempt charity under the Charities Act 1993 and is regulated by the Regulator of Social Housing.

For more information please contact Gareth Holmes, Strategic Communications Manager, on 07824 525849.

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July 13, 2022 06:30 ET (10:30 GMT)

Sanctuary 6.697 (LSE:71WG)
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