L&G offers HA Bernicia lengthy debt

UK housing construction from Adobe 9Apr20 575x375
By Silas Brown
14 Oct 2020

Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.

Centrus was the financial adviser to Bernicia, which closed at £75m ($97m) of 33 year notes with a delayed draw. “The structure provides cost-effective deferred funding, with flexible covenants, a foundation that further supports Bernicia in achieving its long-term strategy,” said Sam Goldman, a director at Centrus.

L&G, ...

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