Stonewater agree a £254m funding package with five lenders
The funds have been provided to the 39,000-home social landlord by existing lenders, including Barclays, NatWest and Nationwide, as well as new partners, ABN AMRO and HSBC. The new revolving credit facilities (RCFs) run for 5-10 years.
Through this funding process, Stonewater has optimised its financial covenant package with both new and existing funding, unlocking financial flexibility, bolstering liquidity and enhancing borrowing capability.
The housing provider, which has more than 80,000 customers, will use the funds to help deliver the three main objectives of its strategic plan.
These are to provide proactive and efficient customer-centred services, deliver quality homes and neighbourhoods, and maximise the value it provides to its customers and communities through environmental and social sustainability.
Anne Costain, chief financial officer at Stonewater, said: “Securing this new funding is not just about bolstering our financial position; it’s about fortifying our commitment to creating thriving communities through high-quality, affordable homes. This milestone marks a pivotal achievement in the delivery of our strategic plan for 2030.
“These revolving credit facilities will enable us to plan and construct new affordable home developments, as well as enhance existing ones.
“Cultivating robust relationships with banks is paramount in our mission to provide affordable housing solutions, and we are deeply appreciative of the teams at Savills Financial Consultants for their invaluable financial guidance and to Devonshires for their legal expertise throughout this process.”
Isabelle Kirk, assistant director treasury at Stonewater, said: “The team at Savills Financial Consultants supported us very well throughout the entire process, providing in-depth analysis to aid us in decision making, and ensuring the process ran to our desired timescales.”
George Flynn, director at Savills Financial Consultants, said: “We were delighted to work with the Stonewater team on this important funding package across multiple lenders, which delivers enhanced capacity to support Stonewater’s future strategy.”
