Hyde Group completes final phase of finance strategy
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."