Moor Park Capital Partners has led and advised the consortium of investors on the circa GBP700m sale and leaseback of 12 Spire Healthcare hospitals.
The consortium of investors included Moor Park and a small group of very large institutional investors, based in Malaysia and the US.
Spire Healthcare is the second largest private hospital provider in the UK and the refinancing relates to part of its loan facilities on 12 of its 38 hospitals across the UK.
Jagdeep Kapoor, partner at Moor Park Capital, says: “This was a complex transaction that is typical of the type of bespoke investment that Moor Park Capital originates, structures and executes on a non discretionary basis for its pool of investors – long term sale and leaseback transaction let to a single tenant with multiple assets that are mission critical to their business.
“For our consortium members, we have created a transparent, asset-backed, fixed income style, inflation protected investment where all covenants are well covered. For Spire Healthcare, we have delivered an innovative solution, with low leverage, which enables them to inject over GBP700m of new capital into their business and to halve their proforma consolidated net debt, despite the challenging market conditions.”
Rob Roger, chief executive officer of Spire Healthcare, says: “We are pleased to have completed this transaction, the entire proceeds of which will be used to pay down debt and support the continued development of our business.
“The fact that we have been able to conclude such a sizeable transaction in challenging market conditions is a testament to the quality of our business and the people who work in it, and a great vote of confidence in the long term prospects for Spire Healthcare and UK private healthcare.”