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In 2017 RCB issued £45m of bonds, including £20m of retained bonds, for Dolphin Living, enabling the charity to further finance the provision of affordable housing to working Londoners in and around Westminster. The bonds had a term of nine years, repayable with interest at 4.25%.

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About Dolphin Living

Dolphin Living is an innovative charity set up to support London’s workers on modest incomes who cannot afford housing near to their place of work through the provision of good-quality homes to rent at below market levels.

The charity group includes charitable foundation Dolphin Square Charitable Foundation (DSCF), created in 2005 when the Dolphin Square Trust and Westminster City Council sold their leasehold interests in Dolphin Square, a large residential garden square in Pimlico, central London. It was agreed that some of the proceeds from the sale would provide the initial funding for charitable foundation DSCF. Collectively DSCF and its subsidiaries are known as Dolphin Living.

The charity works closely with Westminster City Council supporting those living and working in Westminster and meeting their housing needs.

Dolphin Living owns 850 homes across nine London boroughs. Most of the homes are let at rents which are below market rent – on average 53% of local market rent, providing housing at a cost that working Londoners can afford on their earned incomes.

The charity is also known for its innovative approach to different rental and affordable tenures and an accelerator scheme with Westminster Council to help its tenants on the path to home ownership.

Bonds issued

The Dolphin Square Charitable Foundation 4.25% fixed rate Bonds due 2026 pay a fixed rate of interest of 4.25% per annum, payable twice yearly on 6 January and 6 July of each year. The Bonds are expected to mature on 6 July 2026 with a final legal maturity on 6 July 2028.

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Bond details

Issue date:

06 July 2017

Expected maturity:

06 July 2026

Final legal maturity:

06 July 2028

Amount issued:

£45m

Coupon type:

Fixed

Coupon:

4.25%

Frequency:

Semi-annual

Payment dates:

6 January, 6 July

ISIN:

XS1634535253

SEDOL:

BF47250

LSE Ticker:

DSCF

Bloomberg ticker:

RCHBLN 4.25 07/06/2026

Bond documents

Working with Allia C&C

Commenting on Dolphin’s RCB Bond, Olivia Harris, CEO of Dolphin Living, said: “The RCB bond helped us deliver more homes at a discount to market rent and other affordable tenures. We looked at a range of finance options that would support our growth and development plans; most required security which could have restricted the portfolio.

“As a small housing charity, we knew that we were unable to issue an unsecured bond ourselves due to factors such as costs and internal resources. RCB was ideal because it enabled us to enter the mainstream bond market and benefit from Allia C&C’s expertise and track record throughout the process.”

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