WM Treasury 2 (3.25 Oct 2048): 23 October 2017
The second UK social housing issue from originator WM Housing Group Limited which operates across the West Midlands (predominately Coventry, Solihull and Birmingham) and the counties of Herefordshire and Worcestershire, providing high quality affordable homes for people in housing need. The majority of its properties (approximately 30,000) are for general needs housing, but it also owns a small portfolio of learning difficulties care homes, older person accommodation and supported housing.
The net proceeds from the issue of the bonds will be advanced by the Issuer to Whitefriars Housing Group Limited (the original borrower) pursuant to a bond loan agreement between the original borrower and the issuer to be applied in accordance with the original borrower's charitable objects. The original Whitefriars commitment may be drawn in one or more drawings, each in a principal amount up to an amount which corresponds to the sum of (i) the Minimum Value of the initial properties and (ii) the Minimum Value of any additional properties which have been charged in favour of the issuer and the security Trustee less the principal amount of all previous drawings in respect of the previous drawings in respect of the original Whitefriars commitment.
The Valuation Report was prepared by Savills and a summary of the values of the Charged Properties in the total shared security pool set out in the Valuation Reports is set out below:
EUV-SH or, where appropriate, MV-ST ………………………………………………………………………………….........…..Total
…………………Units ……………EUV-SH is appropriate ………………..Units ……....... MV-ST is appropriate
…………………...No. ………………….£ ………………………………………No. …………...£ ………………………….….£
Whitefriars…......6,534 ……….. £170,200,000 …………………….......……511……...... .. £40,601,000…. ….... …. £287,491,000
Optima………....1,536…………..£60,465,000………………........…………..0……………….£0………………………..£60,465,000
TOTAL………….7,701…………..£307,355,000…………………......……….511……......….£40,601,000…….………£347,956,000
There will be a “desk-top” valuation annually, with a full valuation every fifth year.
Compare/contrast: WM Treasury 1 (4.625 Nov 2042)