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Primary Health Properties unit issues €51M of senior notes

A Primary Health Properties PLC subsidiary issued €51 million of new senior secured notes at a blended fixed-rate of 2.4973% and a weighted average maturity of 10.4 years.

The guaranteed notes were placed with institutional investors in the U.K. and Ireland in two tranches: €40 million of 2.460% senior notes due December 2028 and €11 million of 2.633% senior notes due December 2030.

It is the company's first euro-denominated private placement, proceeds from which will be used to repay euro-denominated tranches of the company's existing revolving credit facilities. The existing revolvers are available to be redrawn in sterling or euros to fund the potential purchases in the U.K. and Ireland, the company said in a release.

IDCM Ltd. arranged the placement.