StockMarketWire.com - Listed residential landlord Grainger issued a £350m secured bond at a coupon of 3% for 10 years in an effort to boost its finances and further its growth plans.

The bond was rated BBB- by S&P.

The transaction followed the company's equity raise in February 2020, and formed part of an overall financing strategy to extend its debt maturity profile.

'Following the recent equity raise, the net proceeds from the issue of the bonds will be used to support Grainger's strategic growth plans, enabling the business to continue to grow its PRS pipeline, and the repayment of a £200m short-term bank facility,' the company said.

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