Greensleeves Care sells £17 million retained Retail Charity Bonds
In March 2017, the Retail Charity Bonds made a £50m issue for Greensleeves Care with a 4.25% coupon and a maturity of 2026. £33 million was sold immediately with a further £17 million held as retained bonds.
Greensleeves has now sold all £17 million of the retained bonds, which will help fund the growth of the business until 2021. Chris Doherty, Finance Director at Greensleeves Care, said: “The use of retained bonds has allowed Greensleeves to raise the extra funding required by the business in a quick and efficient manner – without the requirement for security or protracted negotiations on a new loan agreement. It undoubtedly adds to the attractions of using Retail Charity Bonds as a funding vehicle for the business.”
Greensleeves Care provides care and accommodation for the elderly, primarily through residential, dementia and nursing care services. As a charity, it is driven by its social mission and reinvests its profits back into its operations. The charity has homes located across England, setting and maintaining the highest standards of good practice within an environment that encourages residents to thrive as individuals.
The price of the bond has risen steadily over the last 2 months and the sale attracted demand from two new institutional investors. This makes Greensleeves Care and Belong the two most successful bond issues for Care Home operations in the Sterling Bond Market over the last three years.