Bernicia has further bolstered its financial strength by securing better terms on two loans totalling £60m.

The renegotiated terms of the specialist business loans means that Bernicia can free up more finance to continue to support tenants and communities during the cost of living crisis.

Bernicia worked with corporate financial advisors, Centrus, to secure new revolving credit facilities totalling £60m.

Janette Longstaff, Bernicia Executive Director Finance, said: “We are delighted to have worked with Centrus on the arrangement of two new RCF facilities.

“The improved commercial terms have allowed onerous covenants to be removed, thereby further strengthening Bernicia’s financial position.

“This will strengthen the company’s on-going liquidity levels at improved rates and terms, ensuring that Bernicia’s financial capacity can be used not only to deliver on the objectives contained in our corporate strategy, but also to position Bernicia to do more for tenants and communities in these challenging times.”

Paul Stevens, Centrus Managing Director, said: “Centrus is pleased to have arranged this funding for Bernicia.

“The competitive funding process, aided by Bernicia’s strong credit profile and presentation to potential lenders, resulted in very favourable terms that delivered on key treasury objectives set at the outset.”

Bernicia last month retained its top G1 V1 rating from the Regulator of Social Housing which once again confirmed top grades for its governance and financial viability. The G1 V1 ratings are the highest ratings housing associations can achieve and follow an in-depth assessment by the regulator. Retaining its top rating is official confirmation that Bernicia is well governed and financially resilient.

The regulator’s judgement supported Bernicia’s determination to deliver even more ambitious plans to invest £210m into its new and existing homes, services and communities as part of its four-year corporate plan.