By Mary-Katherine Stinson
Lexington, Ky., Dec. 4 – Places for People Treasury plc priced a tranche of guaranteed sustainability notes due Dec. 6, 2041 (expected: A3/A-/A), according to a final term sheet.
The notes are jointly and severally guaranteed by Places for People Homes Ltd., Places for People Living+ Ltd. and Castle Rock Edinvar Housing Association Ltd.
The £500 million of 6.25% notes priced at 99.894 to yield 6.26%.
They are callable at Treasuries plus 25 basis points before Sept. 6, 2041, when they will transition to a par call for the remaining three months.
Barclays, HSBC Bank plc, Lloyds Bank Corporate Markets plc and MUFG Securities EMEA plc are the joint lead managers for the Regulation S offering.
The estimated net proceeds of £497.72 million are intended to finance or refinance the eligible projects of the group under its sustainable finance framework. The sustainability bonds received a second-party opinion from imug rating GmbH on Dec. 17, 2021.
The notes were issued under the company’s £3 billion euro medium-term note program.
Places for People is a London-based housing service and regeneration company.
| Issuer: | Places for People Treasury plc
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| Guarantors: | Places for People Homes Ltd., Places for People Living+ Ltd. and Castle Rock Edinvar Housing Association Ltd.
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| Amount: | £500 million
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| Issue: | Guaranteed sustainability notes, series 21, tranche 1
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| Maturity: | Dec. 6, 2041
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| Joint lead managers: | Barclays, HSBC Bank plc, Lloyds Bank Corporate Markets plc and MUFG Securities EMEA plc
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| Coupon: | 6.25%
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| Price: | 99.894
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| Yield: | 6.26%
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| Call features: | Make-whole call at Treasuries plus 25 bps until Sept. 6, 2041; par call after that
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 6
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Fitch: A
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| Distribution: | Regulation S
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| ISIN: | XS2725781509
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