Barclays launches Westminster bonds

Posted on October 1st, by editor in Caring Times. No Comments

Barclays Capital, the investment banking division of the Barclays Group, has launched secured bonds worth £195 million on behalf of Westminster Health Care. Barclays Capital is lead manager and book-runner of the issue, Greenwich Natwest and the Royal Bank of Scotland are co-leads. The transaction, which securitises ring-fenced revenues arising from Westminster’s senior living division, is the first UK nursing home securitisation, in the sterling bond market, by an owner operator. Previous transactions in the sector have been issued by freehold property owners such as the Nursing Home Properties group and the Omega/Principal Healthcare group, which relied on lease payments from multiple operators to service the bonds issued. Roger Jenkins, head of structured capital markets at Barclays Capital said Westminster Health Care had been well received by investors who saw the company as the highest quality participant in the private healthcare sector. Westminster chief executive Dr Chai Patel said he was pleased wi

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