Abri has streamlined its group structure to optimise capacity and reduce complexity. This is an important milestone on its integration journey since its formation in November 2019 when Radian and Yarlington came together.
Vimal Gaglani, Director of Treasury and Financial Planning at Abri said:
“We have reduced the number of Registered Providers in the Abri Group, and combined existing loan agreements into fewer entities. The changes we’ve made will allow us to consolidate capacity within the group, affording greater ability to build more sustainable homes, invest in our existing homes, and our thriving communities. At the same time we took the opportunity to restructure some of our debt portfolio to deliver future healthy performance.”
With 80,000 customers across 35,000 homes Abri has plans to build at least 10,000 high quality and sustainable homes in the next decade.
Caroline Moore, Chief Financial Officer added
“Our new group structure along with our A3/Stable credit rating from Moody’s, and a G1/V1 rating, confirmed after our recent In Depth Assessment from the Regulator of Social Housing continues to make us an attractive investment opportunity.”
The previous structure, whilst benefiting from low cost debt, had its complexities - the new structure is streamlined to introduce efficient working and to provide value for money.
Abri’s corporate finance adviser was Centrus, Jonathan Clarke, Managing Director at Centrus, said:
“This transaction will help Abri to deliver homes and services for local communities, as well as simplifying the credit story for investors.”
Devonshires acted for Abri on the corporate, banking and property charging aspects of the treasury restructure. Lead partner Julian Barker commented:
“We are delighted to have worked with the Abri and Centrus teams over a number of months to achieve a successful streamlining of the Group’s loan book, enabling it to free up and increase its funding capacity.”
