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Primary Health Properties cancels loan facility after loan note issue

Primary Health Properties, which invests in UK and Irish primary healthcare facilities, has raised €70 million through a loan note issue.

The new senior secured notes have been issued with an interest rate of 1.509% with a term of 12 years.

Some of the proceeds will repay and cancel a €32.6 million loan facility with the Bank of Ireland, of which €26.2 million was drawn at a 3% margin. The loan facility was acquired as part of the PHP’s merger with MedicX Fund in March.

The remaining money will finance the developments currently on-site in Ireland and repay euro-denominated tranches of PHP’s existing revolving credit facilities.

Primary Health Properties’ finance director Richard Howell (pictured) said: “Today’s announcement demonstrates further progress in delivering the finance cost-saving synergies outlined at the time of the merger with MedicX, successfully reducing the Group's average cost of debt since completion in March 2019 by 32bps to 3.68%.

“We will use the funds to progress our disciplined strategy of growing PHP’s portfolio, particularly in Ireland, 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.”

*Sister companies of HealthInvestor UK have an interest in PHP

Posted on: 17/09/2019

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