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Bupa launches and prices £350 million bond issue

 

26 June 2009

Bupa, the international health and care company, today announces that it has launched and priced £350 million 7 year fixed rate bond through its subsidiary, Bupa Finance plc. The bonds carry a coupon of 7.5 per cent and are rated A- and Baa2 by Fitch and Moody’s respectively.

The issue is priced at a spread over gilts of 450 basis points. The initial order book was almost 3 times oversubscribed. HSBC and RBS acted as joint book runners and joint lead managers of the issue.

Tom Singer, Group Finance Director of Bupa said: "We are pleased to have secured additional long-term funding for Bupa. The strong investor support for the issue reflects the underlying financial strength of Bupa, its performance and strategy. Our leadership in our chosen markets, strong brand and funding strengths make us an attractive investment proposition."

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