The deal helps grow the group’s available finance resources by over £100m, and involved increasing the tenor of Jigsaw’s RCFs, raising a £50m private placement and optimising financial covenants, lowering the overall average interest margin.
The Jigsaw treasury team were supported and advised by treasury advisers, Centrus, while legal advice was provided by Devonshires.
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Paul Chisnell, executive director of finance at Jigsaw, said: “As we continue with our plans to help tackle the current shortage of new affordable housing, this partnership approach with our lending group helps us take another step forward in our commitment to deliver 4,000 homes over the next five years, as well as investing in projects and assets that increase life opportunities for our residents”.
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