Bupa's borrowings

Debt maturity profile

Bonds

£350m 7.50% bonds due 2016

On 2 July 2009, Bupa Finance plc issued £350m of 7.50% bonds. The bonds are due in July 2016. They are guaranteed by the British United Provident Association Ltd and a number of other intermediate holding companies within the Group.

Prospectus - £350m 7.50% bonds due 2016 (11 mb)

Callable subordinated perpetual guaranteed bonds

In December 2004, Bupa Finance plc issued £330.0m of callable subordinated perpetual guaranteed bonds, which are guaranteed by Bupa Insurance Limited. Interest is payable on the bonds at 6.125% per annum. The bonds have no fixed maturity date but a call option is exercisable by Bupa Finance plc to redeem the bonds on 16 September 2020. This call option coincides with an increase in the interest rate applicable on the bonds, which makes redemption at this point highly likely. In the event of the winding up of Bupa Finance plc or Bupa Insurance Limited the claims of the bondholders are subordinated to the claims of other creditors of these companies.

Prospectus - callable subordinated perpetual guaranteed bonds (4 mb)

10.5% subordinated guaranteed bonds

At 31 December 2008, £3.9m (2007: £3.9m) was outstanding in respect of 10.5% subordinated guaranteed bonds, which are repayable on 3 December 2018. The bonds were issued by Bupa Finance plc and are guaranteed by the British United Provident Association Ltd. A call option is exercisable by Bupa Finance plc to redeem the bonds on 3 December 2013. In the event of the winding up of Bupa Finance plc or the Company, the claims of the bondholders are subordinated in right of payment to the claims of other creditors of the Company. Interest is payable at 10.5% per annum.

Prospectus - 10.5% subordinated guaranteed bonds (2 mb)

Credit ratings
(updated 24 May 2010)

Securitisations

£235m Bupa Care Homes securitisation

On 17 February 2000, UK Care No 1 Limited issued two classes of secured notes. A £175.0m Class A1 note is due to mature in 2029 and a £60.0m Class A2 note is due to mature in 2031. The A1 and A2 loan notes bear a fixed interest rate of 6.3% and 7.5% respectively. The loan notes are secured by fixed and floating charges over the assets and undertakings of UK Care No 1 Limited. The security includes UK Care No 1 Limited's overriding lease interest, and the rental income receivable thereunder, held in a number of the Group's care homes which eliminates on consolidation.

Prospectus - £235m Bupa Care Homes securitisation (3 mb)

Credit ratings
(updated 19 June 2009)

Investor reports

Download copies of Bupa Care Homes investor reports for each of the last four quarters (unaudited), which reflect the operating performance of the secured assets and not the results of the issuer in this transaction, UK Care No. 1 Limited.

Care Homes investor report 30 June 2010

Care Homes investor report 31 March 2010

Care Home investor report 31 December 2009

Care Home investor report 30 September 2009

Bank borrowings

The Group's principal bank facility is a £1.1bn committed facility which expires in February 2011.

Other credit ratings

(Updated 9 July 2010)