Step Up Event: London & Quadrant Housing Trust £300,000,000 2.000% Secured Sustainability-Linked Notes due 31 March 2032
London & Quadrant Housing Trust (the Issuer) confirms that a Step Up Event has occurred with respect to the £300,000,000 2.000% Secured Sustainability-Linked Notes due 31 March 2032 (the Notes) issued under its £2,500,000,000 Euro Medium Term Note Programme.
The Step Up Event has occurred in relation to KPI 1 under the Conditions of the Notes.
In respect of the financial year of the Issuer ending on 31 March 2024, KPI 1 was calculated as 33.81 ktCO2e, representing a 3% increase compared with the KPI 1 Baseline and therefore not satisfying paragraph (b) of the definition of KPI 1 Condition under the Conditions of the Notes.
The calculations above have been published in the Issuer's Sustainability Report and in the Verification Statement issued by the External Verifier.
The rate of interest on the Notes shall therefore be increased such that with effect from the Interest Period commencing on 30 September 2024, the rate of interest shall be increased by 0.125 per cent. per annum to 2.125 per cent. per annum from such date.
For further information, please contact:
James Howell, Director of Partnerships 020 8189 1596
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