Orbit has improved its liquidity following a successful £665m financing exercise.
The not-for-profit housing group has secured £130m of new funding from Santander, ABN AMRO and Barclays whilst also extending the maturity of a further £535m of existing credit facilities with these lenders, as well as Virgin Money and NatWest.
The exercise will support Orbit in its delivery of its 2030 strategy vision of ‘providing amongst the best customer experience of any housing association in the country’, whilst continuing to invest in its existing homes and the development of more much-needed affordable homes.
Orbit were supported in this financing activity by legal advisors from Devonshires.
Jonathan Wallbank, Group Finance Director for Orbit, said: “We look forward to working with our financial partners as we continue in our efforts to provide good quality, affordable and safe homes and create inclusive and sustainable neighbourhoods that prioritise the wellbeing and aspirations of residents.”