LAUNCH OF 5.375% RETAIL BOND DUE 2019
PRIMARY HEALTH PROPERTIES PLC LAUNCHES 5.375% RETAIL BOND DUE 2019
("PHP", the "Group" or the "Company")
Primary Health Properties PLC, one of the largest providers of modern primary healthcare facilities, has today launched a 5.375% Retail Bond due 23 July 2019, available to retail investors.
PHP specialises in the ownership of freehold or long leasehold interests in modern purpose-built healthcare facilities in the United Kingdom, the majority of which are leased to general practitioners, NHS organisations and other associated healthcare users. The Group's portfolio comprises over one hundred and sixty primary healthcare facilities, both completed and committed, with an average unexpired lease term of 16 years, providing essential social infrastructure for the UK's provision of healthcare.
The bonds can be bought and sold by investors through stockbrokers or wealth managers in a minimum initial subscription amount of £2,000, and in multiples of £100 thereafter. The Offer Period will open on Tuesday 3 July 2012 and is expected to close on Monday 16 July 2012. The Lead Manager retains the right to close the Offer early, in conjunction with the Issuer.
The bonds will pay a fixed rate of interest of 5.375% twice yearly in January and July with the last payment due on 23 July 2019 and the first coupon payment being made on 31 January 2013. At any time during the life of the bond, investors can sell the bonds (within market hours and in normal market conditions) on the open market through their stockbroker.
Independent Debt Capital Markets LLP ("IDCM") will act as the Lead Manager of the transaction. IDCM is an appointed representative of Mirabaud Securities LLP, which is authorised and regulated by the Financial Services Authority.
The Authorised Distributors are:
Barclays Stockbrokers
Killik & Co LLP
Mirabaud Securities LLP
Peel Hunt LLP
Redmayne-Bentley LLP
Selftrade
Winterflood Securities Limited
The bonds are expected to be listed on the London Stock Exchange (LSE) and admitted to trading on the LSE's Order Book for Retail Bonds ("ORB").
Harry Hyman, Managing Director of Primary Health Properties, commented:
"We are delighted to be the first UK REIT to issue a retail bond. PHP is seeking access to a wide variety of sources of capital to expand its portfolio whilst diversifying its funding sources. We believe that a retail bond offers a good opportunity to achieve this and enables fixed income investors, a new class of investor to the Company, to benefit from PHP's consistent income streams which provide stable returns."
For further information, please see PHP's website: www.phpgroup.co.uk
-Ends-
For media enquiries please contact:
Primary Health Properties PLC
Harry Hyman / Phil Holland 020 7451 7050
Pelham Bell Pottinger
David Rydell / Victoria Geoghegan / Elizabeth Snow 020 7861 3925
Independent Debt Capital Markets LLP
Stuart Bell / Elise Huttenga / Pietro Nicholls 020 7074 0502
Notes to Editors
· Primary Health Properties PLC was incorporated in 1995 and floated on the Alternative Investment Market in 1996.
· On 5 November 1998, PHP achieved a main market listing on the London Stock Exchange.
· On 1 January 2007, PHP converted to a Real Estate Investment Trust ('REIT') and became the UK's first dedicated healthcare REIT
This information is provided by RNS
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