Case Studies
Delivering successful outcomes for our clients

Cottsway Housing successfully completes on £75m private placement

Cottsway is the largest housing association and provider of social housing within West Oxfordshire. Cottsway manages almost 5,000 homes and has more than 10,000 customers in Oxfordshire, Gloucestershire, Wiltshire and Worcestershire. Cottsway has an A3 rating by Moody’s and is on track to own and manage 6,000 homes by 2024 with the aim to help many more people have a place of their own.

Centrus, the leading corporate finance advisor to housing associations, supported Cottsway on the £75m private placement maturing 2048. The notes raised sub-3% funding and are unrated. The draw profile has been carefully tailored to match Cottsway’s funding needs and to best support its future growth. The proceeds will be drawn in four tranches and over the next three and a half years.

International law firm Trowers & Hamlins advised on the note purchase agreement and issue of notes, working with Morrison Foerster, Cottsway’s US counsel.

Richard Reynolds, Resources Director at Cottsway We are committed to doing more to help people in housing need and this funding will support our ambitious development programme and growth. We are extremely pleased to have worked with Centrus and Trowers & Hamlins in securing this finance arrangement

Centrus advised on the placement and execution of the transaction.

Barry Greyling, Director at Centrus Cottsway achieved an excellent result in a market that has seen its fair share of volatility over the last few months. The transaction secures attractively priced long-term funds whilst minimising cost of carry through a bespoke drawdown structure. Cottsway successfully capitalised on the flexibility and exceptional terms on offer in the capital markets in order to diversify its funding sources, support its growth objectives and further bolster its liquidity.