Westminster issues bonds to securitise Priory
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.