Anchor Hanover Group has taken up a new £300m unsecured syndicated Sustainability Linked Revolving Credit Facility (RCF) to fund its future growth plans.
The move means that, as well as establishing the first syndicated Sustainability Linked Loan in the sector, Anchor Hanover becomes the first housing association to move its banking facilities to a fully unsecured basis.
The banks providing the RCF are Barclays, MUFG, National Australia Bank and Santander UK, with Barclays acting as Global coordinator and National Australia Bank acting as Sustainability Coordinator.
Anchor Hanover said the Sustainability Linked Loan demonstrated its strong commitment to environmental, social and governance (ESG) performance.
Centrus acted as sole financial advisor to Anchor Hanover, supporting the development of the refinancing strategy as well as its structuring and implementation.
DNV GL has issued a second party opinion confirming the alignment of the facility with the LMA Sustainability Linked Loan Principles.
Sarah Jones, Chief Financial Officer, Anchor Hanover, (pictured) said: “We are delighted to have agreed the first sustainability linked unsecured banking portfolio in the sector, with current and new bank partners. This refinancing represents excellent value for Anchor Hanover and will underpin our strategy to provide more and better homes, to offer more opportunities for colleagues, to be more efficient, and to be a more influential voice for people in later life. The ESG component underlines our commitment to sustainability for our current and future residents, colleagues, and the communities in which they live.”
Phil Jenkins, Managing Director, Centrus Financial, added: “Centrus is committed to finance with purpose. Therefore, we are thrilled to have worked with Anchor Hanover on this innovative refinancing which is designed to meet Anchor Hanover’s ambitious growth plans in providing housing and care services to older people. In establishing the first fully unsecured banking portfolio in the sector, Anchor Hanover will benefit from strengthened liquidity, improved asset efficiency and reduced operational risk. Additionally, we are delighted to have structured the refinancing for Anchor Hanover in ways which reinforces our commitment to sustainability and ESG.”