Mills and Reeve advises Flagship Group on £250m sustainable bond
Flagship Group said it will use the proceeds to help achieve its long-term goal of tackling the housing crisis in the East of England
National law firm Mills and Reeve has advised social housing company, Flagship Group in issuing its debut £250m sustainable bond, with a 40-year term at 1.875% coupon.
Having issued the bond in July 2021, Flagship Group said it will use the proceeds to help achieve its long-term goal of tackling the housing crisis in the East of England.
The firm advised Flagship as issuer on the bond documentation and helped navigate the process.
David Armstrong, CFO at the Flagship Group, said: “We are absolutely delighted with the extremely successful result for the Group, locking in historically low rates for the long term.
“This is another big step forward for Flagship, establishing ourselves in the sterling bond market where we aim to be a regular issuer.”
Frances Churchard, partner at Mills and Reeve, added: “It’s not only multinational corporations who are working to improve their long-term sustainability with the right finance.
“This deal is a fantastic example of a not-for-profit organisation capitalising on market demand for sustainable debt and so raising funds for social and environmental projects.”
Barclays Bank and NatWest Markets were joint bookrunners on the deal and were advised by Addleshaw Goddard.
