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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Primary Health Properties Plc | LSE:PHP | London | Ordinary Share | GB00BYRJ5J14 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 91.00 | 90.45 | 90.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 169.8M | 27.3M | 0.0204 | 44.61 | 1.22B |
TIDMPHP
RNS Number : 0890A
Primary Health Properties PLC
21 March 2017
21 March 2017
Primary Health Properties PLC
GBP100 million Secured Note Issue
Primary Health Properties PLC ("PHP" or the "Company"), the UK's leading investor in modern primary healthcare facilities, today announces a wholly owned subsidiary has issued new senior secured ten year notes for a total of GBP100 million. The notes will carry a fixed coupon of 2.83% and are guaranteed by the Company.
The notes have been issued to funds managed by UK institutional investors and represent PHP's first transaction in the private placement market. The issue once again demonstrates the Company's ability to source funding from a broad range of alternative providers at attractive rates. PHP was advised by IDCM Limited.
The proceeds of the issue will be partially applied to refinance PHP's existing "club" facility with The Royal Bank of Scotland plc ("RBS") and Santander Corporate Banking. The GBP115 million club facility, that otherwise matured in August 2017, will be replaced by a new GBP50 million bi-lateral term loan with RBS, which will be fully drawn on completion with a reduced total cost of borrowing. The new RBS facility will be for an initial four year term and will be extendable for a fifth year with the agreement of RBS. PHP retains an option to increase the loan facility to a maximum total of GBP100 million also with the agreement of RBS.
The Company has a strong pipeline of acquisition opportunities both in the UK and Republic of Ireland. The balance of the proceeds of the note issue will be used to fund further acquisitions from this pipeline.
These debt transactions extend the average weighted maturity of PHPs debt facilities to 6.1 years (31 December 2016: 5.1 years).
This announcement contains inside information for immediate release.
Harry Hyman, Managing Director of Primary Health Properties, commented:
"Today's announcement demonstrates our continued ability to secure long-term funding from a variety of sources. We will use the funds to progress our long term strategy of growing PHP's portfolio through the acquisition of well-priced, strategic assets that will provide strong income returns and the potential for asset growth whilst maintaining a prudent level of gearing."
More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk
The person responsible for arranging release of this announcement on behalf of the Company is Paul Wright for Nexus Management Services, Company Secretary.
Further details:
Harry Hyman Phil Holland Managing Director Finance Director Tel: +44 (0) 20 7104 Richard Howell, 5599 Finance Director, Designate Tel: +44 (0) 20 7451 7050 David Rydell / Elizabeth Snow Eve Kirmatzis Bell Pottinger T +44 (0) 20 3772 2582
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
March 21, 2017 08:18 ET (12:18 GMT)
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