The Group completed the deal in December 2023 following a comprehensive treasury strategy review, focusing on enhancing liquidity and financial capacity and optimising Jigsaw’s treasury operations.
The deal helps grow the Group’s available finance resources by over £100m. It involved increasing the tenor of Jigsaw’s revolving credit facilities (RCFs), raising a £50m private placement and optimising financial covenants, lowering the overall average interest margin.
Paul Chisnell, Executive Director of Finance 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”.
Jigsaw’s treasury team were supported and advised in this transaction by retained treasury advisors Centrus and legal advice was provided by Devonshires.
