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Bupa's borrowings

This section of the site is only directed to Investment Professionals in the United Kingdom.

The information which this section of the site contains is directed at persons having professional experience in matters relating to investments and that any investment or investment activity covered is available only to such persons; or will be engaged in only with such persons.

Persons who do not have professional experience in matters relating to investments should not rely on the contents of the information provided (including without limitation the quarterly investor reports).

The distribution of the information or material on this section of the site may be restricted by local law or regulation. The contents of this section of the site should only be accessed in or from the United Kingdom by a person who is an investment professional (within the meaning of FSMA 2000 (Financial Promotion) Order 2005).

 

No offer or solicitation and no liability

All the information contained in this section of the site is only current at the date stated therein. Access to the information through this section of the website is provided for informational and reference purposes only and does not constitute an offer or the solicitation of any offer of sale of; or representation in respect of, any bonds or notes in any way.

The Bupa Group shall not be liable to any person who is not an investment professional (as explained above) in any way for any damages or loss whatsoever arising out of the use of any information contained herein.  

Download copies of the latest investor reports for Bupa's securitisations and obtain details of the bonds issued.

 

Debt maturity

Key debt maturity profile


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 Notes due 25 April 2023. The Notes carry a coupon of 5.00 per cent and are rated Baa2 and BBB by Moody's and Fitch respectively.

The Notes will qualify as Lower Tier 2 capital and are expected to qualify as Tier 2 capital under Solvency II when implemented. 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. 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 (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 2021. In January 2017 the Group agreed an additional committed bank facility of £650m which expires in January 2018.

 

Other credit ratings

Credit ratings

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