L&G offers housing association first sustainability-linked private placement

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By Silas Brown
26 Apr 2021

Legal & General has lent Believe Housing, a UK housing association, £85m with margins tied to its energy transition. This is the first sustainability-linked private placement in the UK social housing sector, according to GlobalCapital research.

Believe Housing owns roughly 18,000 homes in the northeast of England. Chatham Financial arranged the amortising transaction, which has a final maturity longer than 30 years.

“We are providing a strong incentive for the borrower to progress with their carbon transition, with a fairly material coupon incentive,” said Steve ...

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