Praemia Healthcare, which has a €6.2 bn portfolio of 160 healthcare facilities in France, Spain, Germany and Portugal, has completed its inaugural issue of sustainable bonds, totaling €500 mln maturing in September 2028 with a fixed coupon of 5.500%.
While it diversifies its sources of funding at a tricky time, the company said it was using procceds to to repay a portion of a bridge loan and to refinance, in whole or in part, other assets.
Praemia Healthcare was advised by White & Case.
The portfolio is managed by Primonial REIM Care’s teams, a subsidiary of Primonial REIM, a European leader in healthcare real estate.
Providing more detail, the firm advised the settlement and admission to trading of the bonds on Euronext Paris were scheduled for 19 September.
A syndicate of banks worked on the deal, made up of BNP Paribas and Société Générale Corporate & Investment Banking as global coordinators, Crédit Agricole CIB as sustainable bond structurer and joint
bookrunner and BofA Securities, CIC Market Solutions and La Banque Postale as joint bookrunners.
Moody’s Investors Service acted as second party opinion provider.
Xavier Cheval, Praemia Healthcare’s deputy CEO, said: 'Against the backdrop of a challenged real estate market, this new bond issuance confirms Praemia Healthcare’s strong credit profile and investor’s appetite for the resilient and long-term healthcare real estate asset class.'
'It will also support Praemia Healthcare’s investment strategy aimed at improving environmental credentials of its portfolio and access to quality healthcare facilities.'