- New financing with syndicate of banks comprising NatWest, HSBC, Barclays and Santander UK, and a longer-term financing solution provided by Song Capital in partnership with Alpha Real Capital
- Financing package supports Nuffield Health’s ambitious ESG targets
As the UK’s largest healthcare charity, in 2021 we helped more than 1.2 million people to live happier, healthier lives through our leading network of 37 hospitals, 114 fitness and wellbeing centres, medical centres and workplace wellbeing facilities. We also offer a range of free-to-access community programmes, such as our award-winning programme to help an ever-growing number of people who are finding it difficult to recover from the long-term effects of COVID-19.
The new financing arrangements form part of our ambitious environmental, social responsibility and governance (ESG) strategy, alongside our aim to further reduce carbon emissions with a goal to be carbon net zero by 2040. If targets relating to our gender pay gap, carbon emissions and social return on investment are met, we will qualify for a sustainability-linked rebate on the interest rate we pay on our bank facilities. Each of these targets will be monitored by independent third-party organisations.
The refinancing package uses a mix of bank facilities and property financing on 10 hospital sites, leveraging the Charity’s strong property portfolio. HSBC supported us to define our sustainability targets, which are linked to bank facilities with four leading lenders: NatWest, HSBC, Barclays and Santander UK. Song Capital in partnership with Alpha Real Capital have provided a long-term property financing arrangement for the ten hospitals. We appointed KPMG to support on debt advisory.
Our Nuffield Health’s Chief Financial Officer, Jenny Dillon, said:
“We would like to thank all of our partners for their support in completing this refinancing package. At a time of economic uncertainty, the arrangements announced today demonstrate our lenders’ confidence in Nuffield Health and our future ambitions.
“Sustainability is a core part of our purpose to build a healthier nation, so we’re pleased to have agreed new environmental, social responsibility and governance (ESG) targets with responsible lenders within these arrangements. We have an ambitious strategy to be the first national health and fitness organisation to be net zero by 2040, and the package announced today demonstrates our commitment to achieving this.”
Last updated Friday 21 October 2022
First published on Friday 21 October 2022