Primary Health issues €51m in secured notes

(Sharecast News) - Irish and UK healthcare facility investor Primary Health Properties (PHP) said it had issued €51m (£46m) in new senior secured notes at a blended fixed rate of 2.4973% and a weighted average maturity of 10.4 years.The guaranteed secured notes were placed with UK and Irish institutional investors in two tranches: €40m 2.460% due on December 2028 and €11m 2.633% notes due December 2030.The notes represent PHP's first euro-denominated transaction in the private placement market."The use of euro-denominated debt also provides a natural hedge against movements in exchange rates for its portfolio of assets in Ireland," the company said.The proceeds of the issue will be applied to repay euro-denominated tranches of PHP's existing revolving credit facilities which are available to be redrawn in either sterling or euros in the future to fund the company's pipeline of acquisition opportunities in the UK and Ireland. Primary Health