Catalyst Housing Ltd (3.125% Oct 2047): 03 November 2017

The £250mln Secured Bonds due 2047 are issued by Catalyst Housing Limited, and £100mln in principal amount of the Bonds will be immediately purchased by or on behalf of the Issuer on the Issue Date.

Catalyst Housing Limited (originally known as Ealing Family Housing Association Limited) was incorporated in 1963. The Issuer is registered in England as a charitable community benefit society and is registered as a Registered Provider of Social Housing with the Regulator. The Issuer's primary business objective is to provide housing, associated facilities and amenities to those in need. Any surpluses which result from the Issuer’s operations are reinvested.

The Issuer's obligations in respect of the Bonds are secured pursuant to the Security Agreements by first legal mortgages over the Charged Properties.

The valuation report set out below was prepared by Jones Lang LaSalle:

……………………….EUV-SH / MV-ST as appropriate…………………… Total Units……
Valued on EUV-SH basis…................... Units……. Valued on MV-ST basis
No………… £……………………… …… No……….. £…………………… £…….
265……….£26,080,000………………. 1,099… £262,440,000 …. £288,520,000

The issuer shall deliver a Full Valuation to the Bond Trustee at least once in every period of five calendar years (beginning in 2022), and it shall deliver to the Bond Trustee a Desk Top Valuation in the period between 31st October and the date falling 120 days thereafter in each year (beginning in 2018) other than a year in respect of which a Full Valuation is required to be delivered.