IPO/Issues

DIY Investor brings you the latest issues, launches and initial public offerings (IPO) of a wide range of financial instruments.

We will bring you equity IPOs and issues of a wide range of products such as funds, corporate bonds, retail bonds and structured products.

Places for People Returns to ORB with a 2023 Bond Paying 4.25%

Places for People has announced a seven year sterling bond offering 4.25%.

Investec  is lead manager on the issue and demand is likely to be strong with more brokers supporting it in response to high demand from customers seeking income; Barclays Stockbrokers, Hargreaves Lansdown, Interactive Investor, Redmayne-Bentley, Saga Sharedealing, Selfrade, Shareview and Walker Crips are all participating in what is just the fourth issue on the Order Book for Retail Bonds in 2016.

Places for People Group is one of the largest property and leisure management, development and regeneration companies in the UK; it owns or manages 150,000 homes and has assets in excess of £3.1 billion. Its products and services are socially and commercially driven – as a not-for-dividend organisation, any profit it makes is re-invested in the business.

The bond is issued by a wholly owned special purpose company, Places for People Finance Plc; it is available with a minimum investment of £2,000 and in multiples of £100 thereafter.

The book is now open and planned to be so until noon on Monday 12th December subject to demand; maturity is on 15th December 2013 with coupons being paid on 15th June and 15th December each year until then.

David Cowans, Chief Executive of Places for People, said:   ‘We are delighted to announce the launch of this Retail Bond. The funds raised will enable us to further our work in the property management, leisure management, development and construction sectors via our Operations Group, as well as to diversify its sources of funding.

This will support us in bolstering our award winning leisure management business, continuing to grow our property management businesses, helping to deliver the new homes that the UK desperately needs and creating more high quality, safe and sustainable communities.’

Established in 1965, Places for People (PfP) works with local communities to plan, build and manage high quality places which are environmentally and economically sustainable.

The Guarantors’ principal activities are summarised below:

PfP Operations – Ownership of retirement, development, leisure and property management Companies.

PFPL – Management of local authority owned leisure facilities; it employs approximately 9,000 people and manages over 100 leisure centres with 30 million visits per year.

RMG – Management of residential housing in the private and public sectors; 76,402 leasehold properties under management in the private sector and a contracted order book of 24,919 units under construction. RMG mainly looks after purchased properties that are under leasehold.

Touchstone – Provision of private rented sector property management services including a whole variety of different types of stock – new build, purpose built properties or conversions. Touchstone manages 18,484 properties for institutional and corporate investors, retailers and buy to let mortgage lenders.

Zero C – Construction and development of residential and mixed use developments; it is resourced to deliver in excess of 200 homes a year and has consents or subject to planning options for over 1,500, low cost, sustainable homes, offices and commercial buildings.

PfP has not indicated a target for the raise but it is estimated to be £75 million

Prospectus

Information Booklet

RNS

 

Offer Details

Issuer Name Places for People Finance Plc

Expected first date of unconditional trading TBA

Books open 28th November 2016

Books close 12th December 2016 (expected)

Market ORB (Main Market)

Coupon type FixedCoupon

% 4.25%

Frequency Semi-annual

Maturity 15th December 2023

Minimum subscription in the primary market*£2,000

Unit of quotation in the secondary market**£100

Status Senior unsecured

ISIN XS1527331430

Bookrunner Investec*

The primary market is where the bond(s) are sold for the first time. In the primary market, the bonds are issued by the company directly to investors through the authorised distributors.**

The secondary market is where investors buy and sell bond(s) from other investors (through your bank or stockbroker), as opposed to the issuing companies as in the primary market.

Authorised Distributors

Barclays Bank plc

Hargreaves Lansdown Asset Management Limited

Interactive Investor Trading Limited

Redmayne-Bentley LLP

Saga Share Direct

Selftrade

Shareview

Walker Crips Stockbrokers Limited

IPO/Issue 2

IPO/Issue 3

 

 

 

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