Accent Group £350 million bond issue

Overview:

• Accent Group has undertaken a £350 million 30-year bond issue.
• The issue consists of an initial £225 million public bond with a coupon of 2.625% with £125 million retained for future sale.
• The bond has the lowest coupon for an issuer in the social housing sector with a term of longer than 12 years.
• The proceeds will be used to develop 2000 affordable homes and to repay bank debt.
• A roadshow resulted in the bond being 5.8 times oversubscribed.
• Accent manages over 20,500 homes in the UK.
• Barclays, Lloyds Bank Corporate Markets and NatWest Markets acted as bookrunners.

Sam Duke