The Hill Group, the UK’s second largest privately owned housebuilder, has successfully completed the full refinancing of its revolving credit facility.
The Group has increased its total committed funding to £300million with a maturity extending to December 2030.
The revolving credit facility has been the Group’s principal source of debt funding since 2015, and this third refinancing package demonstrates the continued confidence and long-term support of Hill’s core banking partners HSBC, Lloyds, NatWest and Santander. The increased facility provides long-term funding certainty and flexibility to support delivery of the Group’s five-year business plan up to 2030, which will double the size of the business to £2.3billion by 2030. Hill says that this will be achieved by focusing on sustainable growth, operational resilience and the increased delivery of high-quality homes and regeneration projects across the UK.
The refinanced facility retains its Sustainability Linked Loan (SLL) status, first achieved by the Group in 2021, reflecting Hill’s ongoing commitment to environmental performance, social value and responsible development. Sustainability targets embedded within the facility align with the Group’s wider ESG strategy, including carbon reduction, renewable energy sources and positive community outcomes.
The new SLL will fund Hill’s long-term development projects, including the multi-award-winning Marleigh Park development in Cambridge, Coventry City Centre South, a landmark redevelopment set to transform the city centre and create a pedestrian-friendly residential, shopping and leisure hub, and the large-scale regeneration of the Teviot Estate in Tower Hamlets, London.
Tony Parker, group finance director at The Hill Group, said: “This third refinancing of our revolving credit facility is a landmark moment for Hill, with an increased commitment from our long-standing lending partners. HSBC, Lloyds, NatWest and Santander have supported the business since 2015, when we first raised £120million, and we are grateful for their continued backing as we deliver our growth ambitions through to 2030. We would also like to thank NatWest and Lloyds for their roles as lead arranger and ESG co-ordinator, respectively.”
Paul Eyre, head of residential and housing finance at NatWest, said: “We were delighted once again to support Hill as lead arranger on this refinancing of its revolving credit facility. Hill is a valued, long-term customer of the bank and we look forward to continuing our relationship, supporting its growth plans and the delivery of much-needed homes into the next decade.”
David Cleary, managing director for housing at Lloyds, said: “We are proud to have supported Hill’s ESG journey since 2021 and to act as ESG co-ordinator on this refinancing facility. Sustainability in housing is complex, and we have seen firsthand how hard Hill has worked to remain a leader in this area by embedding sustainability into its homes and communities. We look forward to continuing to work with the team as the business enters its next phase of growth.”
