Primary Health Properties PLC Refinancing (6311A)
02 1월 2018 - 4:00PM
UK Regulatory
TIDMPHP
RNS Number : 6311A
Primary Health Properties PLC
02 January 2018
2 January 2018
Primary Health Properties PLC
Renewed and new credit facilities
Primary Health Properties PLC ("PHP" or the "Company"), the UK's
leading investor in modern primary healthcare facilities, today
announces that it has entered into a renewal and extension of a
facility with Aviva and a new facility with Lloyds Bank PLC.
Aviva have agreed to renew a GBP75m secured loan facility for
just under 11 years to November 2028 at a fixed interest of 3.10
per cent per annum. The existing Aviva facility, due to mature in
November 2018, bears interest at a fixed 4.00 per cent and the
renewal will result in interest savings of GBP675,000 per annum to
the Company.
The new GBP30m secured revolving credit facility with Lloyds
Bank plc, is for an initial three year period, with the option to
extend by two further years, at rates ranging from 155bp to 175bps
over LIBOR depending on utilisation. The Lloyds facility may be
drawn in either Sterling or Euros at PHP's option. The facility
will be used to fund further acquisitions from the Company's strong
pipeline of acquisition opportunities both in the UK and Republic
of Ireland.
These debt transactions extend the average weighted maturity of
PHPs debt facilities to 6.3 years (30 June 2017: 5.8 years; 31
December 2016: 5.1 years) and the average cost of debt on its
facilities drawn has been reduced to 4.09% (30 June 2017: 4.26%; 31
December 2016: 4.65%).
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, modern primary healthcare
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
Further details:
Harry Hyman Richard Howell,
Managing Director Finance Director
Tel: +44 (0) 20 7451 Tel: +44 (0) 20 7104
7050 2004
David Rydell
Stephanie Watson
Buchanan Communications
T +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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