Triple Point Social Housing said on Friday that it has put in place £195m of long-dated, fixed-rate, interest-only sustainability-linked loan notes through a private placement with MetLife Investment Management clients and Barings, respectively.
The London-listed real estate investment trust said the loan notes had a weighted average term of 13 years, and a weighted average fixed rate coupon of 2.634%.
It said the notes would enable it to refinance its existing floating rate revolving credit facility.
At the same time, Triple Point noted that Fitch Ratings had assigned it with an investment grade long-term issuer default rating of ‘A-‘ with a stable outlook, and a senior secured rating of ‘A’ for its new loan notes.
“We are very pleased to have secured a premium investment grade rating from Fitch,” said chairman Chris Phillips.
“This positive endorsement will enable the company to pursue a broader strategy in relation to debt funding and the group’s new long term, attractively priced, fixed rate loan notes are reflective of this.
“We were delighted to be working with Metlife Investment Management again and Barings for the first time.”
At 1553 BST, shares in Triple Point Social Housing REIT were up 0.75% at 107p.
