Last week, AHF issued £161 million of bonds for seven RPs, at 35 basis points over gilts. The all in cost of the bonds was 2.61 per cent.
Devonshires advised two of those RPs on their loans from AHF, worth a total of £48 million. Partner Gareth Hall acted for Spectrum Housing Group, which borrowed £28 million and partner Julian Barker advised Selwood Housing Society, which borrowed £20,000,000.
AHF is the government delivery partner for the £3.5 billion Affordable Homes Guarantees Programme (AHGP). The AHGP uses the UK government balance sheet to underwrite debt for 30 years with the aim of enhancing credit, lowering borrowing costs and reducing the grant requirement. AHF estimates that by the close of the programme, around 29 thousand affordable homes will have been financed under the scheme.
The Devonshires team was led by Gareth Hall and Julian Barker.