Nabarro has advised longstanding client, Primary Health Properties Plc, one of the UK's largest providers of modern, purpose built primary healthcare facilities, on the launch of a £82.5 million convertible bond due to mature in 2019.

The convertible bond was subject to a greenshoe option and involves a Jersey cashbox structure.  ISM Capital LLP acted as sole global co-ordinator and bookrunner, The Royal Bank of Scotland acted as co-bookrunner and Peel Hunt LLP acted as co-lead manager and corporate broker in relation to the bond issue, which completed on 20 May 2014.

The bond is the third issued by PHP, following its retail bond issued in July 2012 and its secured bond issued in November 2013, both of which Nabarro advised on.

The team was led by Corporate Partner Glyn Taylor, assisted by senior associate Philippa Chatterton and associate Sioned Bates (Corporate) and partner Kirsten Prichard Jones (Tax).

Client partner Glyn Taylor commented:

"PHP is the firm's largest healthcare client for whom we have acted since its incorporation in 1996. We look forward to acting on more innovative transactions with them in the future."