The Alnwick Garden Trust has launched a Retail Charity Bond offering 5% and due 2030.
The funds raised will be used by The Alnwick Garden Trust to further its charitable objectives and move forward with the development of the Lilidorei Play Village, which it believes will be one of the largest play structures in the world.
The all-weather attraction will be in character with the Garden’s existing treehouse and forest environment and will sit in front of a play structure with a magical atmosphere, surrounded by an earth embankment. The project is expected to enhance the charity’s future financial security and increase its social and economic impact in North Northumberland and the wider area, attracting greater visitor numbers to the region throughout the year.
The bonds will be issued by Retail Charity Bonds PLC, and loaned, via a loan agreement, to The Alnwick Garden Trust. They are available to wholesale and retail investors and will pay a fixed rate of interest at 5% per annum until 27 March 2030, payable twice yearly on 27 March and 27 September of each year, with the first coupon payment being made on 27 September 2020. The bonds are expected to mature on 27 March 2030 with a final legal maturity on 27 March 2032. Allia C&C is acting as Lead Manager on the issue.
The bonds have a minimum initial subscription amount of £500 and are available in multiples of £100 thereafter. The offer period is expected to close at 12 noon on 20 March 2020.
This is the ninth series of bonds to be launched by the issuer, following previous issues for Golden Lane Housing, Hightown Housing Association, Charities Aid Foundation, Greensleeves Homes Trust, Dolphin Living and Belong. In total the bonds have raised over £200 million since 2014.
Commenting on the launch, Mark Brassell, Chief Executive of The Alnwick Garden Trust, said:
“Growing the Garden’s seasonal appeal together with associated revenue will support the charity in being able to fund more of our highly valued community programmes which help tackle issues such as isolation, loneliness, unemployment and mental health, which are so prevalent in today’s society.
“With this, we are excited by the potential of the Lilidorei Play Village, an all-weather attraction which, on completion, will be one of the biggest play structures in the world and will completely transform Northumberland’s highly seasonal tourism economy, substantially increasing annual footfall by around 250,000 paying visitors whilst creating multiple new jobs.”
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