The Royal Veterinary College (RVC) has successfully raised £45 million to facilitate investment in major campus developments supporting education, research and veterinary services, through a debut private placement with Sun Life Investment Management.
The RVC chose to finance via the private placement market due to the supportive buy and hold nature of the investor base, the strong demand within it for high quality higher education credits and the negotiated nature of the market.
In the top three of the QS world university rankings and with a strong financial performance history, the RVC’s £45 million senior unsecured note offering generated significant investor interest both within the UK and North America; with the offer four times
over-subscribed, the RVC was able to take advantage of highly competitive long-term interest rates.
The secured funding will allow exciting capital developments on both of the RVC's campuses that will ensure that the RVC can continue to offer an outstanding environment and experience for its community.
The RVC was supported in this transaction, which positions it firmly in the private placement market, by the team at NatWest Markets Plc as sole placement agent on this transaction. The RVC retained QMPF LLP as advisors throughout the process.
Professor Stuart Reid, the RVC Principal, said: “I am absolutely delighted that we have secured this innovative blue chip financial backing in a deal which reflects our international reputation and leadership in the veterinary and biomedical sciences. We now look forward to investing in the next phase of capital development at the RVC, securing our position for years to come.”
Candace Shaw, Head of Private Fixed Income, Sun Life Investment Management, said: “We are pleased to support the continued growth of the RVC, a specialised higher education institution with a renowned reputation both in the UK and internationally. The financing of the RVC represents a sound investment and aligns to Sun Life’s long-term investment objectives in this sector.”
Notes to Editors
About the Royal Veterinary College
- The Royal Veterinary College (RVC) is the UK's largest and longest established independent veterinary school and is a constituent College of the University of London.
- The RVC offers undergraduate, postgraduate and CPD programmes in veterinary medicine, veterinary nursing and biological sciences.
- It is currently the only veterinary school in the world to hold full accreditation from AVMA, EAEVE, RCVS and AVBC. In 2017, the RVC received a Gold award from the Teaching Excellence Framework (TEF) – the highest rating a university can receive.
- A research-led institution, in the most recent Research Excellence Framework (REF2014) the RVC maintained its position as the top HEFCE funded veterinary focused research institution.
- The RVC ranked as the top vet school in the Agriculture, Veterinary and Food Science unit of the most recent Research Assessment Exercise, with 55% of academics producing world-class and internationally excellent research.
- The RVC also provides animal owners and the veterinary profession with access to expert veterinary care and advice through its teaching hospitals; the Beaumont Sainsbury Animal Hospital in central London, the Queen Mother Hospital for Animals (Europe's largest small animal referral centre), the Equine Referral Hospital, and the Farm Animal Clinical Centre located at the Hertfordshire campus.