Howden completes $703m bond raise

Howden has competed a bond raise as it looks to bolster funding available for future growth opportunities.

The broker said that in a private offering, it had secured the issuance of a $690m (£509.8m) add-on to existing $500m (£368.4m) senior notes that run to 2032.

With the bonds being issued at a premium, the gross proceeds reached $703m (£517.9m).

”The proceeds of this transaction will primarily be used to fund identified growth opportunities in the US and transformation projects at group level,” Howden said.

“The transaction was well oversubscribed and this enabled the group to achieve a lower cost of capital on this loan than a similar loan launched in February 2024.”

Ratings

Howden added that its ratings of B2 Stable (Moody’s) and B Stable (S&P) were reaffirmed in January 2026 as part of this transaction.

The broker also has a long-dated maturity profile with no material refinancing requirements until 2030.

Mark Craig, group chief investment officer at Howden, said: “I’m delighted with the outcome and strong support from the capital markets.

”This successful transaction follows our high yield bond issue in February 2024. We received strong demand and priced the offering above par, benefiting from continued confidence among credit investors in Howden’s sustained performance and growth plans.”