Westminster floats Priory bond issue
Westminster Healthcare has floated a Â£115 million bond issue to securitise its Priory group of 28 mental health facilities. Westminster’s chief executive Dr Chai Patel; said that while asset backed securitisations were common in the long term care sector, this was the first time a bond issue had been used for securitisation in the mental health sector. Westminster bought the Priory six months ago for Â£100 million from Mercury Private Equity, part of the Mercury fund management group. Barclay’s Capital is handling the current bond issue. Dr Patel said he beleived there were opportunities for the profitable Priory group to expand, both in the UK and in other European countries. He said the Government was increasingly looking to work in partnership with independent providers of mental healthcare facilities.