Mills & Reeve advises on deal to fund capital investment programmes at Cambridge colleges

Mills & Reeve has advised on a deal designed mainly to fund capital investment programmes at 18 Cambridge colleges.

The successful placement follows the launch of a £350m public bond issue by the University of Cambridge in October 2012 and a £300m public bond issue by the University of Manchester in July this year.

It is the first time that an aggregated structure has been used by a higher-education institution and offers a potential route for universities with smaller debt requirements to access the debt capital markets.

The colleges will use the proceeds mainly to help finance ongoing capital investment programmes in college buildings.