Business
Debt refinancing
Primary Health Properties PLC has successfully refinanced its debt with a new £800 million unsecured facility comprising a £300 million three-year term loan and two three-year and five-year revolving credit facilities totalling £550 million, with options to extend by two years. This new facility is expected to be approximately 40 basis points cheaper than the facilities it replaces once leverage returns to the target range of 40% to 50%. Initially, £500 million will be drawn, with the proceeds used to partially repay the £1 billion bridging facility from the 2025 Assura acquisition and cancel existing secured debt facilities totalling £1.72 billion in commitment limits. Disclaimer*
About this update from Primary Health Properties Plc
1 July 2026 Primary Health Properties PLC Debt refinancing Primary Health Properties PLC ("PHP", the "Group" or the "Company"), a leading investor in critical healthcare infrastructure in the UK and Ireland, is pleased to announce the successful refinancing of existing debt facilities with a new term loan and revolving credit facility ("RCF") totalling £800 million. Richard Howell, CFO of PHP, commented: "The successful refinancing is an important step on PHP's journey to becoming a fully unsecured borrower and we are delighted to continue our long-standing relationships with a number of banks as well as engaging new lenders. "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 £1 billion 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." New £800 million unsecured facility PHP has entered into a new club term loan and multi-currency RCF totalling £800 million with eight banks, including three new counterparties. The different tranches and maturity profiles of the facility are as follows: New facilities Initial term Tranche 1 £300m term loan 3 years Tranche 2 £250m RCF 3 years Tranche 3 £250m RCF 5 years Each tranche has the option to extend by two additional one-year periods, subject to lender approval. The credit margin across the three tranches varies based on the Group's LTV but is expected to be on average 40 basis points cheaper than the facilities being replaced, when the Group's leverage has returned to the target range of 40% to 50%. £500 million will be drawn initially, leaving £300 million of undrawn liquidity headroom across the enlarged Group (31 December 2025: £571 million), which will be used to repay and cancel existing debt facilities as follows: Facility Current facility limit Commitment cancelled Drawings repaid Acquisition bridging facility (unsecured) £1,000m £335m £335m Assura RCF (unsecured) £200m £200m Undrawn Barclays term loan and RCF (secured) £170m £170m £105m RBS RCF (secured) £100m £100m £60m HSBC RCF (secured) £100m £100m Undrawn Lloyds RCF (secured) £100m £100m Undrawn Santander RCF (secured) £50m £50m Undrawn Total £1,720m £1,055m £500m The facility has been provided by...
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