Birmingham law firm supports residential developer with corporate bond

Deal | Corporate
Published: 17th March 2022
Area: Firm News

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Shakespeare Martineau’s Birmingham office has supported residential developer One Heritage Group with the issuance and listing of a corporate bond on the main market of the London Stock Exchange.

The bond – which has a fixed annual coupon of 8% that will be paid semi-annually – is not convertible and will mature in February 2024. The bond’s gross proceeds of £1,500,000 will be used to partially repay the existing loans outstanding to One Heritage Group. The issue of the bond required a Financial Conduct Authority approved prospectus and will be admitted to the standard segment of the Official List.

Keith Spedding, corporate partner at full service law firm Shakespeare Martineau, who led the deal, said: “It has been great to assist One Heritage Group with this issuance and listing – just 18 months after we supported the company in its admission to the London Stock Exchange.

“We work with a number of residential development and housing clients – at all stages of their business lifecycle – and it’s good knowing that we’re working with businesses and organisations doing the important job of tackling the shortage of good accommodation across the UK.

One Heritage Group is a property development and investment management company, which focuses on the residential sector primarily in the north of England. In 2020, One Heritage Group became one of the first publicly-listed residential developers with a focus on co-living.

CEO Jason Upton said: “The issue of the corporate bond demonstrates how the management team is diversifying sources of funding for the business in an effort to reduce risk and the cost of finance for the organisation.

“The funds were all raised outside of the UK, which demonstrates the strength of our overseas network, notably in Hong Kong. We automatically turned to Shakespeare Martineau to support us on this and Keith and his team delivered.

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Keith advises companies (both public and private), partnerships and their owners on all aspects of corporate and partnership law.

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