Centrus advised Bernicia on £100m new loan with Barclays

Transaction overview

Centrus was delighted to have advised Bernicia on the successful completion of a £100m loan provided by Barclays. The facility was structured across two tranches, a 7-year and a 10-year, delivering highly competitive pricing for both tenors, among the best rates Centrus had seen for these tenors.

Centrus ran a comprehensive competitive process, attracting a strong appetite from multiple banks. Barclays emerged as the strongest option, offering the most compelling overall package for Bernicia.

What value did Centrus add?

Centrus managed the funding process from initial engagement through to completion. Key elements included:

• Supporting Bernicia’s board and finance team throughout, ensuring robust governance and clear communication at every stage
• Running a competitive market process that tested appetite across multiple lenders, ensuring Bernicia secured optimal pricing and terms
• Advising on loan structure to balance cost, flexibility and duration in line with Bernicia’s treasury strategy
• Working closely with Barclays to originate and execute an LL-ISDA

How did this transaction benefit Bernicia?

This funding supported the delivery of Bernicia’s newly launched five-year corporate strategy, ‘The Bernicia Effect, Supporting Opportunity (2026–2031)’. In this strategy, Bernicia – who owned and managed over 14,000 homes across the North East – had set out plans to invest £400m in homes, services and communities over the next five years.

The £100m Barclays facility helped fund that programme, which included £150m to build 1,000 new homes, £121m to improve existing homes (including a focus on energy efficiency) and £115m for day-to-day maintenance.

 “Well-structured, competitively priced debt is central to realising our corporate ambitions, and Centrus delivered exactly that – running an excellent process that secured us highly competitive terms from a strong field of lenders. Barclays offered the best overall package and we’re delighted to be extending our relationship with them.”

Janette Longstaff, Executive Director of Finance – Bernicia

“Bernicia is a fantastic organisation to work with and this is a great outcome: well-structured loan and hedging facilities, at highly competitive pricing. We’re delighted to be supporting Bernicia as they look to deliver on an ambitious and important strategy for the North-East.”

Tom Archer, Director – Centrus

For more information, please contact Tom Archer, Director of Housing, Education & Care.

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