Berkeley Group Holdings (The) PLC GBP400 million debut Green Bond Issuance (6180H)
August 04 2021 - 12:45PM
UK Regulatory
TIDMBKG
RNS Number : 6180H
Berkeley Group Holdings (The) PLC
04 August 2021
4 August 2021
The Berkeley Group Holdings plc
(the "Company")
GBP400 million debut Green Bond Issuance
by The Berkeley Group plc at a coupon of 2.5% due 2031
Supporting Our Vision 2030: Transforming Tomorrow
The Berkeley Group plc (100% owned subsidiary of the Company)
(the "Issuer") has today priced GBP400 million of unsecured green
bonds maturing in 10 years in August 2031 (the "Green Bonds") at a
coupon of 2.5% per annum. The Green Bonds will be guaranteed by the
Company and a number of its subsidiaries. This follows a series of
fixed income investor meetings, which generated substantial
investor interest.
Fitch Ratings Ltd has published a Long-term Issuer Default
Rating (IDR) and senior unsecured rating of BBB- with a Stable
Outlook, along with a BBB-(Exp) rating for the Green Bonds.
The Green Bonds are expected to be issued on 11 August 2021,
subject to the satisfaction or waiver of customary conditions
precedent and, subsequently, admitted to trading on the
International Securities Market of the London Stock Exchange
plc.
The proceeds of the Green Bonds are intended to be used by the
Issuer to finance and/or refinance, in whole or in part, a
portfolio of eligible assets in line with the Issuer's new Green
Bond Framework, which has the benefit of a Second Party Opinion
from DNV, and which supports the Berkeley Group's "Our Vision:
Transforming Tomorrow" business strategy.
The Green Bond Framework and Second Party Opinion are available
at:
https://www.berkeleygroup.co.uk/about-us/investor-information/debt-investors
The Issuer intends to allocate the proceeds of the Green Bonds
to the Berkeley Group's ongoing development activities in
accordance with the Green Bond Framework; specifically in
connection with the development of green buildings (energy
efficient homes) on its complex large-scale regeneration sites,
where the Berkeley Group is transforming neglected brownfield land
into flourishing, well-connected, nature rich, low carbon
neighbourhoods and communities.
The Berkeley Group regards the issue of the Green Bonds as an
important element of its ongoing financing and capital strategy and
will be followed by a restructuring of its existing bank
facilities.
Richard Stearn, Chief Financial Officer of The Berkeley Group
Holdings plc, said:
"We have been delighted by the strength of institutional demand
for our debut issue of green bonds. This demonstrates that
investors recognise the resilience of Berkeley's unique long-term
operating model and, through our new Green Bond Framework, the
value to the wider environment of our regeneration activities. It
takes many years of patient place-making to stitch these vast
spaces, once cut off from their local communities, back into the
local fabric, and bring them to life with the right mix of homes,
public amenities, parks and open spaces. This is inherently
sustainable and relieves pressure on greenfield land."
Barclays Bank PLC and HSBC Bank plc (acting as Global
Coordinators, Green Structuring Advisors and Active Lead Managers),
Lloyds Bank Corporate Markets plc and NatWest Markets Plc (acting
as Active Lead Managers) and Banco Santander S.A. (acting as
Passive Lead Manager) were mandated in connection with the Green
Bonds.
END
For further information please contact:
The Berkeley Group Holdings plc Novella Communications
R J Stearn Tim Robertson
T: 01932 868 555 T: 020 3151 7008
LEI: 2138009OQSSLVVHQAL78
This document does not constitute an offer of securities for
sale in the United States. The securities described above have not
been, and will not be, registered under the U.S. Securities Act of
1933, as amended, or under any relevant securities laws of any
state of the United States of America and may not be offered, sold
or delivered in the United States of America or to, or for the
account of or benefit of, U.S. Persons, subject to certain limited
exemptions.
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END
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