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Primary Health Props (PHP)

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Tuesday 24 July, 2012

Primary Health Props

Issue of ?75 million 5.375% bonds due 23/7/19

RNS Number : 3039I
Primary Health Properties PLC
24 July 2012

The information contained herein may only be released, published or distributed in the United Kingdom, Jersey and Guernsey. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, South Africa or in any other jurisdiction where it is unlawful to distribute this document.




("PHP", the "Group" or the "Company")


Issue of £75,000,000 5.375 per cent. bonds due 23 July 2019


Primary Health Properties PLC, one of the largest providers of modern primary healthcare facilities, is delighted to announce that its highly successful retail bond issue begins trading on London Stock Exchange's Order book for Retail Bonds (ORB) today.


The Offer Period for the 5.375% bond opened on 3 July and closed early due to the high level of demand, raising PHP's target maximum of £75 million. The bonds are due 23 July 2019.


PHP specialises in the ownership of modern purpose-built primary healthcare facilities in the United Kingdom, which are mostly leased to general practitioners, NHS organisations and other associated healthcare users, including on-site pharmacies. 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 services.


Harry Hyman, Managing Director of Primary Health Properties, commented:


"Our debut retail bond has been a great success. We are delighted to be the first UK REIT to issue a retail bond. The extremely positive response from investors demonstrates the attractiveness of PHP and its consistent income streams which provide stable returns. We have successfully accessed a new source of funding and diversified our range of debt finance.  The success of this offering may lead the Company to considering further bond offerings to retail investors in the future."


Pietro Poletto, Head of Fixed Income Markets at London Stock Exchange Group, said:


"This is a great new listing for our retail bond market, ORB. PHP is a business which saw swift uptake of its bond by investors keen to invest in convincing companies. This is a fantastic example of how our platform isn't just there to provide funding for big blue chip financials, but can help issuers of any size and sector take advantage of heightened appetite for bonds in the retail community."


Stuart Bell, Managing Partner of IDCM commented:


"IDCM is delighted to have lead-managed Primary Health Properties' first retail bond. There has been an extremely high level of investor demand which enabled the offer to close a week early. This has also demonstrated the wider appeal of new and different issuers of retail bonds to private investors."


For further information, please see PHP's website:





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
The company news service from the London Stock Exchange

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