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Building Industry Finance, Law and Insurance
News Release from: Wolsey Securities | Subject: Asset manager
Edited by the Buildingtalk Editorial
Team on 10 November 2006
Wolsey financing achieves GBP101 million
Wolsey Securities currently finances a portfolio of circa 140 developments comprising 2,500 units across England, Scotland and Wales.
Wolsey Residential Finance PLC (WRF) has successfully placed a further GBP16.5 million of its innovative secured 10% loan note issue with Old Mutual Asset Managers and Royal London Asset Management which, with senior debt facilities, brings the total amount now raised to GBP101 million Old Mutual Asset Managers' and Royal London Asset Management's subscription for GBP16.5 million combined with the GBP34.5 million invested at first closing by four major financial institutions including Royal London Asset Management has now achieved a total of GBP51 million of this loan note issue for WRF
This article was originally published on Buildingtalk on 22 Jul 2003 at 8.00am (UK)
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The additional funds provide WRF with growth capital to fund further residential development opportunities for Wolsey Securities Limited, the UK's leading specialist provider of finance to house builders.
Wolsey Securities, as asset manager to WRF, currently finances a portfolio of circa 140 developments comprising 2,500 units across England, Scotland and Wales.
The loan note issue, which is being placed by LCF Edmond de Rothschild Securities, offers investors a fixed yield of 10% on the six year loan notes (which can be extended by two years), secured by fixed and floating charges over the assets (the portfolio of loans) of WRF.
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The charges rank after the security granted for the senior debt facilities.
The notes pay interest six monthly in arrears and are issued in either listed or unlisted form as required by investors.
Stephen O'Brien, finance director of Wolsey Securities, comments: "We are delighted not only with the support shown by such important investors but also the time it has taken to successfully raise a further GBP16.5 million given that the launch of the second phase of marketing only commenced in September".
"The business now has the funding in place to react quickly to new investment opportunities and customers".
"The interim close supports our belief that this is an excellent way for institutional investors to diversify into the residential development sector through portfolio risk whilst achieving an attractive fixed yield of 10%".
"The institutional reaction to date gives us confidence that the balance of the loan notes can be placed with investors within an acceptable period from this close".
Deloitte and Touche LLP acted as corporate finance and tax advisers to WRF and LCF Edmond de Rothschild Securities Limited are placing agents in respect of the loan notes.
This announcement appears as a matter of record only and is not an offer to sell nor a solicitation to acquire the securities referred to herein.
The securities will be offered and issued only to financial institutions which are professional investors.
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