Issue of Debt

RNS Number : 8067S

Assura Group Limited

25 November 2011

 



25 November 2011

Assura Group Limited ("Assura" or the "Company")

£110 million 10 year senior secured bond financing

Provides competitively priced, fixed rate financing for the next 10 years

Assura Group PLC,the UK's leading primary care property company, announces that it has raised £110 million through the issuance of a 10 year senior secured bond at a fixed rate coupon of 4.75%, via its wholly owned subsidiary Assura Properties PLC. 

The bond finance will enable the Company to repay a loan from National Australia Bank that was due to mature in March 2013. It provides long term secure funding for the Group at a time when UK interest rates are at unprecedented lows. Bond investors were attracted by the Company's secure long term income from its portfolio of high-quality properties, which are backed by the NHS on long-term leases.

Simon Laffin, Chairman of Assura, commented: "Refinancing the NAB loan is a major part of our programme of securing long term financing for Assura. We are pleased to have secured a 4.75% fixed rate coupon, which is an extremely competitive cost even in today's markets. Our total debt of £370m, set against out total property assets of £542m, now has a weighted average maturity of 13.8 years and a weighted average interest rate of 5.33%.

"This, together with our Rights Issue announced earlier this week, provides a great foundation on which to build our twin objectives of delivering a secure and growing income stream and driving value growth from primary healthcare property."

Independent Debt Capital Markets acted as sole lead arranger on the transaction.

Independent Debt Capital Markets is an Appointed Representative of Mirabaud Securities LLP, which is Authorised and Regulated by the Financial Services Authority and a Member of the London Stock Exchange.

Enquiries

For further information, please contact:

Assura Group Limited Nigel Rawlings, Chief Executive Officer

Tel: [phone]

Independent Debt Capital Markets Stuart Bell, Managing Partner Elise Huttenga, Partner

Tel: [phone] Tel: [phone]

FTI Consulting Ben Atwell, Richard Sunderland Stephanie Cuthbert

Tel: [phone]

 

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