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RHA has successfully secured a £30M private placement and £5M revolving credit facility in a debt restructure.

RHA has delivered on its new treasury management strategy, securing new facilities with Barclays and funds managed by M&G Investments.

Centrus acted as our advisors on the refinancing, including strategy development, through to implementation and completion of the Private placement. The refinancing was supported by Devonshires, who advised on the private placement financing, and Clarke Wilmott on the property security elements and bank financing.

The transaction has streamlined RHA’s treasury portfolio and secured long-term interest rate security, providing RHA with increased capacity and a strong financial platform from which it can deliver its growth ambitions.

Luke Takeuchi CEO of RHA said:

“I am delighted that we have managed to achieve this positive outcome in a challenging operating environment. Our strategic review into our treasury management strategy has been expertly led by Centrus and I am very pleased with the way in which our Board and Executive team have worked closely over the last 12 months to deliver on the objectives we set.” 

Paul Stevens, Managing Director at Centrus, said:

“The key to successful implementation of this strategy was ensuring objectives were clearly articulated and understood by all stakeholders at the outset, planning and preparation for engagement with funders, including potential new investors, and guiding RHA through navigating a somewhat volatile market and the complexities of achieving this restructure and refinance. It has been a pleasure working with the Executive and Board of RHA and we are delighted with the excellent outcome”.     

Sara Foster, Director of Resources RHA said:

“The new funding has simplified our legacy treasury portfolio, providing us with improved covenants, increased capacity and a strong basis on which to deliver our corporate plan and growth ambitions.” 

Mark Davie, Head of Social Housing, M&G Investments, said:

“We are pleased to be supporting RHA in this refinancing deal, generating cashflows that are secured against residential property for our pension fund investors. Housing associations play an important role in the communities they serve. The deal demonstrates the important role institutional investors play in providing finance to organisations that have a positive impact on the communities they operate in and our wider society.

In recent years, non-bank lenders such as M&G have been providing an increasing amount of longer-term finance to this sector. M&G has around £6 billion invested in UK social housing through bilateral loans, public bonds and private placements.”

Richard Whittaker, Relationship Director at Barclays, said

“We are pleased to be able to continue supporting RHA through both the provision of a new revolving credit facility and a restructured existing term loan and look forward to working closely to help this ambitious housing association achieve its objectives.”

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