The deal, with a syndicate of banks comprising the Royal Bank of Scotland, Nationwide, Britannia, Abbey National and the Bank of Scotland, was completed last Friday.
It will fund the Norwich-based group's recently completed stock transfer in East Hertfordshire, as well as allow it to exploit other areas such as the government's Challenge Fund.
Sean Kent, executive director of resources at Anglia, said: "The treasury management was getting to be extremely difficult. So we are consolidating our funding across the eight group members."
The £50m that was required for the 2700 homes transferred in East Hertfordshire has been included in the new facility.
The new deal replaces a previous package held with the same banks, worth £200m.
About £90m of the total will be going out to tender in the wider market in the next month or so
Paul Tyrrell, RBS
RBS director of housing finance Paul Tyrrell said the deal was one of the top five deals ever negotiated. He said one of the crucial aspects of the new package was that it allowed Anglia's different charitable and non-charitable bodies better access to funding.
This is done because the different housing associations that form Anglia borrow from the parent company and can combine their housing assets as security for any money borrowed.
Tyrrell added: "About £90m of the total will be going out to tender to the wider lending market in the next month or so. This has been done as Anglia feel they might benefit from broadening their investor base to those who wouldn't normally be part of a larger deal."
The bidding process will see other lenders bidding for a portion of the £90m. There is likely to be a lower limit on how much a bidder has to agree to take, but this has not yet been determined.
Source
Housing Today
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