Information on Bupa's borrowings
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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:
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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
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Bonds
On 24 September 2021 Bupa Finance plc completed a tender offer for £250m in aggregate nominal amount of the Notes. £250m in aggregate nominal amount of the Notes remain outstanding.
On 25 April 2023, the notes were repaid.
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.
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.
On 5 April 2024, the notes were repaid.
On 25 June 2020, Bupa Finance plc issued £300m of 1.750% fixed rate notes with a maturity date of 14 June 2027. The notes are guaranteed by The British United Provident Association Limited.
On 12 October 2023, Bupa Finance plc issued €500m of 5.00% fixed rate notes with a maturity date of 12 October 2030. The notes are guaranteed by The British United Provident Association Limited.
On 25 June 2020, Bupa Finance plc issued £350m of 4.125% fixed rate subordinated (Tier 2) notes with a maturity date of 14 June 2035.
On 24 September 2021, Bupa Finance plc issued £300m 4.000 per cent. fixed rate reset perpetual restricted Tier 1 subordinated contingent convertible notes (the “Notes”). The Notes are subject to the terms and conditions set out in the offering circular dated 24 September 2021.
Credit ratings
| Fitch long term | Fitch short term | Fitch outlook | Moody's long term | Moody's short term | Moody's outlook | |
|---|---|---|---|---|---|---|
| £400m 5.00% subordinated (Tier 2) Notes due 2026 | BBB | - | Stable | Baa1 (hyb) | - | Stable |
| £300m 1.750% senior Notes due 2027 | A- | - | Stable | A3 | - | Stable |
| €500m 5.00% senior Notes due 2030 | A- | - | Stable | A3 | - | Stable |
| £350m 4.125% subordinated (Tier2) Notes due 2035 | BBB | - | Stable | Baa1 (hyb) | - | Stable |
| £300m 4.000% subordinated(RT1) perpetual Notes | BBB | - | Stable | Baa3 (hyb) | - | Stable |
Bank borrowings
The Group's principal bank facility is a £900m committed facility which expires in December 2028 following the second of its two optional one-year extensions. Other bank facilities may be put in place from time to time as required by the business.
Other credit ratings
| Fitch long term | Fitch short term | Fitch outlook | Moody's long term | Moody's short term | Moody's outlook | |
|---|---|---|---|---|---|---|
| Bupa Finance PLC Issuer default rating | A | F2 | Stable | - | - | - |
| Bupa Insurance Limited Issuer default rating | A | - | Stable | - | - | - |
| Bupa Insurance Limited Insurer financial strength rating | A+ | - | Stable | A1 | - | Stable |