RCB Bonds has launched the Royal Masonic Benevolent Institution Care Company 6.25% Sustainable Bonds due 2029.

The Royal Masonic Benevolent Institution Care Company is a charity providing residential care, nursing care and residential dementia support to older people. Established in 1842 originally with philanthropic funds from the Freemasons to care for older Freemasons and their families, today it embraces the wider community.

The charity delivers care services across 16 locations in England and Wales, as well as one location providing learning disability services, with a combined total of 1,025 registered placements. All the homes are owned freehold with a market value of around £88 million. In addition, the charity runs 64 sheltered units for people looking to retain their independence outside a care home setting.

RCB Bonds is a special purpose issuing vehicle, established to help charities and ethical companies raise loan finance in the bond markets for care providers to invest in building new homes and bringing existing ones up to modern standards to support the provision of quality care.

To date RCB has issued £377 million of bonds across 12 transactions for seven charities, supporting investment in projects which provide strong social impact. 

The authorised offerors are: AJ Bell Securities, Hargreaves Lansdown Asset Management, PrimaryBid and Redmayne Nominees. Allia C&C is acting as manager on the issue. The bonds have a minimum initial subscription amount of £500 and are available in multiples of £100 thereafter. The offer period is expected to close at noon on 28 February.

Mark LLoyd, managing director of Royal Masonic Benevolent Institution Care Company said: “RMBI Care Co has proudly been caring for older people for over 180 years, founded on the belief that everyone should be able to enjoy later life. Our focus is to provide residential care, nursing care and residential dementia support, comfort and security to older people, at a pricing level that reflects our charitable status. Many of our residents uniquely benefit from generous financial support from our parent company, the Masonic Charitable Foundation, enabling us to maximise our impact by caring for some of the most vulnerable and disadvantaged members of society.

“Our most recent transformation of a home into a state-of-the-art care facility has been met with tremendous success, running at full capacity within three months of opening and already generating a substantial waiting list. While there remains a clear need for quality end of life care, society’s needs are evolving and we are seeing growing demand from younger retired people who desire some support around their day to day living but still wish to retain their independence. A successful bond issuance will enable us to become even more innovative in meeting the wider needs of our communities and increase the number of people that we can support.”

Adrian Bell, chief executive of Allia C&C, commented: “Allia C&C is pleased to be launching this bond for RMBI Care Co. The provision of high-quality later life care is a hugely important social issue and RMBI Care Co is recognised as a provider of choice and excellence in the registered care market for older people. The RCB platform plays a vital role in enabling charity borrowers to access the growing demand for investment opportunities that create positive impact and raise funding for growth.”

John Tattersall, chair of RCB Bonds, added: “This latest bond launch represents our platform’s thirteenth issue, clearly demonstrating that the uniformity of our structuring and on-lending process continues to prove efficient and work for a variety of different organisations. The RCB programme has now delivered £377 million for a wide range of charities delivering strong social impact.”