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Debt refinancing
Primary Health Properties PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code: PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
("PHP" or the "Company")
1 July 2026
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 Commitment Drawings
facility limit cancelled 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 NatWest, Lloyds, Barclays, HSBC, Santander, Deutsche
Bank, ABN Amro and CaxiaBank. NatWest acted as Sole Coordinator. PHP was advised by
Rothschild & Co.
– ENDS –
For further information contact:
Mark Davies Richard Howell
CEO CFO
Primary Health Properties PLC Primary Health Properties PLC
David Purcell Sodali & Co
Investor Relations Financial PR
Primary Health Properties PLC Elly Williamson/Madeleine Gordon-Foxwell
T: +44 (0) 7921 190 136 T: +44 (0) 207 250 1446
E: david.purcell@phpgroup.co.uk E: PHP@client.sodali.com
Notes to editors
PHP is a leading investor in modern healthcare infrastructure with a £6 billion portfolio invested
in critical social assets across the UK and Ireland. The portfolio benefits from highly resilient
operating metrics in a sector with strong fundamental demographic characteristics, supported
by a positive political backdrop and the need for greater investment in healthcare infrastructure
to support the delivery of services in local communities.
In 2025, PHP combined with Assura to create the UK's largest listed healthcare REIT placing the
enlarged Group in the top quartile of the London Stock Exchange FTSE 250 index with the
additional benefits of significantly increased share liquidity, investor reach and a lower cost of
capital. PHP's attractive portfolio, strong platform with a robust balance sheet and a disciplined
focus on rental growth and cost control supports our 30-year track record of paying an increased
progressive dividend.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited.
United Kingdom
Sponsor: PSG Capital
Date: 01-07-2026 08:00:00
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