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Primary Health Properties : PHP – bonds

Primary Health Properties plans to issue £75m of unsecured guaranteed convertible bonds. Maturing in May 2019, the bonds will be priced to carry a coupon somewhere between 3.75% and 4.25% and convertible in ordinary shares at a 15% to 25% premium to their current value. Primary Health Properties will use the money raised to pay down its existing borrowings.

UPDATE: The bonds priced at the lower end of the range: a 4.25% coupon and a conversion price of 390p – which is a 16% premium to the current share price.

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