NHP cashed-up for acquisitions after £265 million secured bond issue

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

NHP plc has completed a £265 million bond issue, secured on a portfolio of 103 care home leases through “Care Homes No. 2 Limited”, a special purpose vehicle incorporated in the Cayman Islands. This is NHP’s second securitisation issue of care home leases, having raised £100 million in April 1997 through “Care Homes No. 1 Limited”. Merrill Lynch International and JP Morgan Securities Limited are the joint lead managers to the issue. NHP chief executive Richard Ellert said the raising of long term debt via securitisation was a core strategy of his company. “This is the second issue since we commenced trading in 1995,” Mr Ellert said. “The additional funds raised will facilitate the acquisition, through purchase and leaseback, of further care home properties. We fully expect that, in due course, this will result in further securitised issues. “This transaction was well-subcribed by a wide range of institutional and other investors, and demonstrates the renewed strength of the asset-backed market in Europe. Th

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