Primary Health Properties – Primary Care Properties
/ Debt

€75,000,000 Senior Secured Fixed Rate Notes + €75,000,000 Shelf Facility

Following a number of successful prior engagements to raise Euro and Sterling denominate debt for PHP in the private placements market, IDCM acted as the arranger of another 12 year, Euro denominated private placement. This transaction consisted of an initial issue of €75m of notes, and a €75m shelf facility.

While the debt was drawn in Euros, the collateral for the transaction consisted of UK based primary care centres. Testament to our ability to find pragmatic solutions, IDCM negotiated a unique tailor-made due diligence approach where title insurance was obtained for a number of properties in the collateral pool alongside traditional CoTs for a number of others, saving PHP time and money.  In addition, we agreed that the CoT’s could be delivered as a condition subsequent rather than a condition precedent.

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