Assura raises £110m through bond issue

UK primary care property company Assura has raised £110 mln (EUR 128 mln) through the placement of a 10-year senior secured bond at a fixed rate coupon of 4.75%.

The bond finance will enable the company to repay a loan from National Australia Bank that was due to mature in March 2013. 'The bond issue provides long-term secure funding for the Group at a time when UK interest rates are at unprecedented lows,' Assura said.

Assura has total debt of £370 mln, against total property assets of £542 mln. 'This operation, together with our rights issue announced earlier this week, provides a great foundation on which to build our twin objectives of delivering a secure and growing income stream and driving value growth from primary healthcare property,' commented Simon Laffin, chairman of Assura.

Independent Debt Capital Markets acted as sole lead arranger on the transaction.