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Bupa's borrowings

Intended recipients

This section of the site is only directed to, and should only be accessed by, investment professionals (within the meaning of The Financial Services and Markets Act 2000 (Financial Promotions) Order 2005) in the United Kingdom) (“Investment Professionals”).  

The information contained in this section of the site is directed at persons having professional experience in matters relating to investments. Any investment or investment activity to which such information relates will be available only to such persons and the Bupa Group will not engage with any other persons in connection therewith.

Persons who do not have professional experience in matters relating to investments should not rely on the contents of any information contained in this section of the site.

The distribution of the information or material on this section of the site may be restricted by local law or regulation. Without limitation to the foregoing, this section of the site should only be accessed by persons who are not so restricted.

No offer or solicitation and no liability

Each document contained in this section of the site is only current as at its date. Each document is provided subject to the limitations and disclaimers contained therein.

Access to the information through this section of the site is provided for informational and reference purposes only. In particular, nothing contained in this section of the site shall constitute:

  • any offer of sale;
  • any solicitation of any offer of sale; or
  • any representation, undertaking or warranty,

in respect of any securities in any way.

To the extent legally permitted, and save as otherwise agreed, the Bupa Group shall not be liable to any person in any way for any damages or loss whatsoever arising out of the use of any information contained in this section of the site.

The information contained in this site is intended to be read in conjunction with, and not as a substitute for, the Bupa Group’s most recent financial statements. In the event of any inconsistency, the Bupa Group’s most recent financial statements shall be considered to prevail.

Debt maturity



Bonds

£330m callable subordinated perpetual guaranteed bonds

In December 2004, Bupa Finance plc issued £330m 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. 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 - £330m Callable Subordinated Perpetual Guaranteed Bonds (pdf, 4.4MB)

£350m 3.375% Fixed Rate Senior Bond

On 17 June 2014, Bupa Finance plc issued £350m of 3.375% senior unsecured notes with a maturity date of June 2021. The notes are guaranteed by The British United Provident Association Limited. 

Prospectus - £350m 3.375% 3 Notes Due 2021 (pdf, 381KB)


£500m 5.00% Fixed Rate Subordinated Notes due 2023

On 25 April 2013 Bupa Finance plc, a subsidiary of Bupa, the international healthcare company, issued £500m of fixed rate subordinated (Tier 2) Notes due 25 April 2023. The Notes carry a coupon of 5.00 per cent.

Subject to compliance with applicable regulatory requirements, Bupa Finance plc will redeem the Notes at the Maturity Date or may, subject to compliance with applicable regulatory requirements, redeem the Notes at any time beforehand upon the occurrence of certain tax or regulatory events.

Prospectus - £500m 5.00% Notes Due 2023 (pdf, 391KB)


£400m 5.00% Fixed Rate Subordinated Notes due 2026

On 8 December 2016, Bupa Finance plc issued £400m of 5.00% fixed rate subordinated (Tier 2) notes with a maturity date of 8 December 2026.

Prospectus - £400m 5.00% Notes Due 2026 (pdf, 461KB)


£300m 2.00% Fixed Rate Notes due 2024

On 5 April 2017, Bupa Finance plc issued £300m of 2.000% fixed rate notes with a maturity date of 5 April 2024. The notes are guaranteed by The British United Provident Association Limited.

Prospectus - £300m 2.000% Notes Due 2024 (pdf, 335KB)

Credit ratings

Credit ratings

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 due in 2029 and a £60.0m Class A2 note due in 2031. 

Prospectus - £235m Bupa Care Homes Securitisation (pdf, 2.9MB)


Notice of confirmation of redemption

On 1 April 2016, UK Care No. 1 Limited, a wholly-owned subsidiary of The British United Provident Association Limited since 15 February 2016, confirmed that it has redeemed all of the A1 and A2 loan notes at their Principal Amount Outstanding, together with accrued interest and any premium payable on the notes.

A copy of the Notice of Confirmation of Redemption is available here and on the Luxembourg Stock Exchange website.

 

Bank borrowings

The Group's principal bank facility is a £800m committed facility which expires in August 2022. Other bank facilities may be put in place from time to time as required by the business.


Other credit ratings

Credit ratings

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