Allia C&C is pleased to announce the successful completion of a £60m bond issue for LendInvest, following the conclusion of an offer of new bonds for cash and in exchange for its existing 5.25% 2022 and 5.375% 2023 bonds.
LendInvest is a technology-focused property finance asset manager in the UK. Over the last 14 years, it has developed proprietary technology and digital solutions that have allowed it to capture market share from incumbents and attract significant third-party capital. LendInvest is driven by its mission to harness technology to build the platform of choice for its investors, financial partners, borrowers and intermediaries.
LendInvest also has a strong commitment to making a positive social and environmental impact. Its loans help to increase the availability of housing, including affordable homes, in the UK to alleviate the housing crisis, and incentivise borrowers to take steps to increase energy efficiency and reduce the carbon impact of housing.
The new issue comprises approximately £30m subscribed under the exchange offer, £9m from the cash offer and an additional £21m of bonds initially retained in treasury by the issuer. The bonds are the first to be issued under the new £1billion LendInvest Secured Income II Plc Euro Medium Term Note (EMTN) programme arranged by Allia C&C.
The new bonds have a coupon of 6.5% for a maturity of 5 years. Despite difficult market conditions, the new issue saw strong demand from a wide range of retail and institutional investors. The bonds are now trading on the London Stock Exchange’s Order book for Retail Bonds (ORB).
This is the second time that Allia C&C has acted for LendInvest following the establishment of the previous EMTN programme and issue of £40m of bonds in 2018.