Belfast Telegraph

Firm secures cash for more acqusitions

By John Mulligan

UK firm Primary Health Properties has renewed a £75m (€84.3m) facility with insurer Aviva and a new £30m revolving credit facility with Lloyds, with plans to use the finance for more acquisitions in the UK and Ireland.

Last month, the company agreed to buy a large primary healthcare facility in Cork.

Primary Health Properties said the renewal of the £75m facility with Aviva extends its duration to almost another 11 years, at an interest rate of 3.1%.

The existing Aviva facility, set to mature next November, carries a 4% interest rate.

Primary Health Properties has said that the reduced rate will save it £675,000 a year in interest.

The £30m facility agreed with Lloyds is for an initial three-year period, with an option to extend it by a further two years.

It may be drawn in either sterling or euro.

Primary Healthcare said the Lloyds facility will be used to fund further acquisitions in the UK and Ireland.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.