Primary Health Properties PLC (LON:PHP) has raised €51mln from the private placement of an issue of new senior secured notes to help fund the company's strong future pipeline of acquisition opportunities both in the UK and Ireland.
The FTSE 250-listed group said the secured notes, which are guaranteed by the company, were placed with the UK and Irish institutional investors in two tranches at a blended fixed rate of 2.4973% and a weighted average maturity of 10.4 years.
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It added that the proceeds of the issue will be applied to repay euro-denominated tranches of the firm's existing revolving credit facilities which are available to be redrawn in either sterling or euros in the future to fund its strong acquisition pipeline.
Harry Hyman, Primary Health Properties’ managing director commented: "Today's announcement demonstrates our continued ability to secure long-term funding at attractive rates from a variety of sources.”
He said: “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."