12th Nov 2015 10:17
LONDON (Alliance News) - Assura PLC, a UK primary care property investor and developer, on Thursday said it has repaid GBP181.0 million of long term debt held by the commercial finance unit of insurer Aviva PLC, in a move to cut gross debt to GBP330.0 million.
The weighted average interest rate on the loans redeemed was 5.4%, Assura said, and the repayment means that Assura will have cut gross debt by 36% by March 31.
Assura had to pay GBP34.0 million in early repayment costs to Aviva Commercial Finance, which provides commercial mortgages in the UK.
The debt repayment comes seven weeks after Assura revealed a GBP309.0 million fundraising through the issue of million new shares, with the aim of funding its pipeline of acquisitions and developments and to cut debt.
Shares in Assura were up 0.5% at 55.75 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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