UK: Porterbrook has introduced the profitable refinancing of its £250m public bond, locking in low funding prices 12 months forward of the bond’s maturity in October 2020.
A £100m samurai mortgage has been raised from a syndicate of 4 Japanese institutional buyers, in what Porterbrook mentioned was a primary for a UK rolling inventory leasing firm. This was undertaken together with a £150m personal placement with a gaggle of US, Swiss and Canadian institutional buyers underneath Porterbrook’s Inexperienced Framework, which specialist advisor DNV GL verified as being in-line with ICMA’s inexperienced bond ideas.
Porterbrook mentioned each services had been priced at enticing ranges, demonstrating robust demand to lend towards secure, long-term property, with coupons considerably beneath the excellent public bond.
‘The profitable closing of our twin issuance debt elevating within the samurai and personal placement markets is a vital milestone for Porterbrook’, mentioned Head of Structured Finance Stefan Rose on November 1. ‘We’re delighted to have diversified our funder base into the Japanese institutional investor market and safe such robust help from one other pool of liquidity. Mixed with our long-standing relationships within the personal placement market, who’ve supported us over a few years throughout numerous transactions, now we have achieved a powerful consequence for all events.’