We’re pleased to announce the sale of £2.4 million retained bonds for The Alnwick Garden Trust. The bonds were sold at a price of 106.5, which equates to a yield of approximately 4%.
The sale benefited from very strong demand and was carried out on a spread to gilts of 266bps, about 200bps tighter than at the time of the original issue. Its success demonstrates the continuing popularity of the RCB bond platform with ethical investors.
Mark Brassell, Chief Executive of The Alnwick Garden Trust, said:
“This was a very fast and efficient process, which enabled us to raise the funds we required within two weeks of the decision to borrow. Allia C&C were able to deliver on time and at the spread to gilts they had originally indicated. It validates our decision to use RCB to raise the funding for the further development of the gardens.”
Adrian Bell, Chief Executive of Allia C&C, added:
“We were delighted to raise the additional funding required by The Alnwick Garden Trust. By using the retained bonds, the Trust was able to access funding rapidly at a price that reflected the strong support it enjoys with investors. Despite difficult market conditions, the sale was heavily oversubscribed with the bonds bought at prices inside the official bid on the London Stock Exchange.”