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Download copies of the latest investor reports for Bupa's securitisations and obtain details of the bonds issued.
£330m callable subordinated perpetual guaranteed bondsIn 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.
£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.
£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.
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