Primary Health Properties secures £800m debt refinancing

(Sharecast News) - Primary Health Properties has refinanced debt facilities totalling £800m, the property investor confirmed on Wednesday. The FTSE 250 firm, a specialist in critical healthcare infrastructure, said existing debt facilities had been refinanced with a new term loan and revolving credit facility with eight banks, including three new counterparties.

It is split into three tranches, two of three years and one of five. All have the option to be extended by two additional one-year periods, subject to lender approval.

Richard Howell, chief financial officer, called the refinancing "an important step" towards PHP becoming a fully unsecured borrower.

He continued: "The new facility enhances our capital structure, reduces our cost of capital and supports our wider funding strategy with the proceeds being used to partially refinance the £1bn bridging facility put in place to finance the acquisition of Assura in 2025.

"We now look ahead to refinancing the balance through completing our deleveraging initiatives."

Shares in PHP were largely unchanged as trading got underway, at 95.30p.

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