Central Notts Hospitals PLC Statement re Event of Default (2725R)
27 June 2020 - 12:47AM
UK Regulatory
TIDM73VA
RNS Number : 2725R
Central Notts Hospitals PLC
26 June 2020
ANNOUNCEMENT
CENTRAL NOTTINGHAMSHIRE HOSPITALS PLC - RNS ANNOUNCEMENT
26 June 2020
CENTRAL NOTTINGHAMSHIRE HOSPITALS PLC (the "Issuer")
GBP351,900,000
1.8768 per cent. Index Linked guaranteed secured bonds due 30
September 2042
(including up to GBP32,000,000 variation bonds)
unconditionally and irrevocably guaranteed as to scheduled
payments of principal and interest pursuant to a financial
guarantee issued by
Financial Security Assurance (U.K.) Limited (succeeded by
Assured
Guaranty (Europe) plc) ("Assured Guaranty")
Events of Default under Collateral Deed dated 4 November
2005
As previously announced on 16 December 2019, following the
completion of an external review of the Project, carried out on
behalf of Sherwood Forest Hospitals NHS Foundation Trust (the
"Trust"), the Issuer, the Trust, Skanska Rashleigh Weatherfoil
Limited ("Skanska") in their capacity as Hard Services Provider,
and Compass Contract Services (U.K.) Limited ("Medirest") in their
capacity as Soft Services Provider are in the process of discussing
various operational and performance matters at the Project.
This has led to a level of self-reported service failure points
("SFPs") that exceed the Events of Default thresholds under the
terms of the Collateral Deed dated 4 November 2005.
The occurrence of Events of Default provides the Credit Provider
with certain rights in respect of the Project. As at the date of
this announcement, the Credit Provider has not exercised any of the
rights available to them beyond placing the Project into
distribution lock-up until an agreement with the Trust and other
parties is fully finalised (also as previously announced on 16
December 2019).
It is intended that the agreement will waive historic SFPs. It
is therefore expected that the agreement will remedy the Events of
Default under the terms of the Collateral Deed.
The Issuer continues to work with the Trust, Skanska and
Medirest with a view to improving service performance on the
Project; discussions continue to move the process forward.
Financial Obligations
The Issuer fulfilled its Debt Service Obligations on 31 March
2020, without the need to utilise cash standing to the credit of
such available reserve bank accounts. The Issuer expects to be in a
position to meet its next Debt Service Obligations, due on 30
September 2020, as well as all future Debt Service Obligations,
without recourse to such available reserve bank accounts.
Enquiries
The Issuer
Central Nottinghamshire Hospitals Plc
8 White Oak Square
London Road
Swanley
Kent
BR8 7AG
Attention: Debbie Galvin, Project Co. Representative.
Important information
This announcement is not a prospectus, is distributed for
information purposes only and does not constitute or form part of
any offer or invitation to issue, acquire or dispose of any
securities in any jurisdiction. Nothing in this document is
intended to amount to an invitation or inducement to engage in
investment activity. Nothing in this document amounts to the giving
of advice. If you are in any doubt as to the action you should
take, you should consult a professional adviser.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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