Portfolio

Hyde Group completes final phase of finance strategy

By Ikaba Koyi

Date: Friday 17 Nov 2017

Hyde Group completes final phase of finance strategy

(ShareCast News) - Hyde Group said on Friday it had completed the final phase of its current finance strategy, amid news that its parent entity, Hyde Housing Association, undertook a £760m corporate refinancing involving five banks, upgrading its financial framework to "modern" and "flexible" status.
The move, according to Hyde, alongside the raising of £575m of new group liquidity this year, reinforced the group's financial status while granting it numerous benefits.

Peter Denton, group finance director, said: "This financial restructuring exercise completes our financial vision that we set out at the beginning of the year and provides an already-strong Hyde with even greater resilience against any future economic or property market downturn. We now have very little maturing debt over the next three years, a fully funded development programme and approaching half a billion pounds in the bank.

"Although already in good shape, our finances are now up-to-date and more straight-forward. We have a fit for purpose banking structure and are possibly in the best shape in our 50-year history to fulfil our strategic objectives - to do more than our share to alleviate the housing crisis in London and the South East.

"The restructuring exercise follows hot on the heels of the Group's successful £400m 35 year 3% coupon Martlet Homes bond issue in May 2017 and brings the total of bond and bank finance raised by the Hyde Group this year to £725m, capping a £1.3bn total financing/restructuring year."











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