Firm secures cash for more acqusitions
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.