Stirling University raises £50m in private placement
Barclays has secured the £50 million funding on behalf of the university from two blue-chip institutional investors. The long-term funding at fixed rates refinances the university’s existing bank debt and provides funds for general corporate development.
Liam McCabe, the university’s director of finance, said the deal was on “very competitive terms” and, as it was linked to the institution’s assets, used a mechanism not available from traditional lenders.
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Hide Ad“The placement with a consortium of UK and US investors reflects confidence in both the University of Stirling’s financial health and long term strategy,” he said.
Ally Scott, managing director of Barclays Corporate Banking in Scotland, said the funding structure had significant attractions for the education sector. “It offers a very stable long-term debt arrangement, releasing substantial capital on favourable terms.”
Earlier this year, the University of Edinburgh raised £100m through a self-arranged private placement with a US fund, along with securing a £200m loan from the European Investment Bank.