Coventry & Rugby Hospital Co PLC Partial Termination - no retender process (9708S)
14 März 2023 - 6:32PM
UK Regulatory
TIDM51VZ
RNS Number : 9708S
Coventry & Rugby Hospital Co PLC
14 March 2023
ANNOUNCEMENT
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
BONDHOLDERS. IF BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY
SHOULD TAKE, THEY SHOULD IMMEDIATELY CONSULT THEIR OWN INDEPENDENT
PROFESSIONAL ADVISERS.
THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST
TO THE REGISTERED AND BENEFICIAL OWNERS OF THE BONDS. IF
APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES
RECEIVING THIS NOTICE ARE REQUIRED TO EXPEDITE TRANSMISSION HEREOF
TO BENEFICIAL OWNERS OF THE BONDS IN A TIMELY MANNER. IF
BONDHOLDERS OR BENEFICIAL OWNERS OF THE BONDS ARE IN ANY DOUBT AS
TO THE MATTERS REFERRED TO IN THIS NOTICE, THEY SHOULD CONSULT
THEIR STOCKBROKER, LAWYER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER
WITHOUT DELAY.
If you have recently sold or otherwise transferred your entire
holding(s) of Bonds referred to below, you should immediately
forward this Notice to the purchaser or transferee or to the
stockbroker, bank or other agent through whom the sale or transfer
was effected for transmission to the purchaser or transferee.
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC - RNS
ANNOUNCEMENT
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC (the "Issuer")
GBP407,239,000
3.246 per cent. Index Linked guaranteed secured bonds due 30
June 2040
(including GBP35,000,000 variation bonds)
(with authority to issue further bonds)
unconditionally and irrevocably guaranteed as to scheduled
payments of principal and interest pursuant to a financial
guarantee policy
issued by MBIA ASSURANCE S.A. (succeeded by Assured Guaranty UK
Ltd)
(the "Bonds")
(ISIN: XSO159152189 Common Code: 015915218)
Termination Notice
In reference to the (i) Project Agreement between University
Hospitals Coventry and Warwickshire National Health Service Trust,
Coventry Primary Care Trust and The Coventry and Rugby Hospital
Company Plc, dated 3 December 2002, as amended from time to time,
and (ii) the Collateral Deed between The Coventry and Rugby
Hospital Company Plc, The Coventry and Rugby Hospital Company
(Holdings) Limited, Mourant & Co. Capital Trustees Limited
(succeeded by Apex Corporate Trustees UK Ltd) (as Security Trustee
and Bond Trustee ) and MBIA Assurance S.A. (succeeded by Assured
Guaranty (UK) Ltd), dated 3 December 2002.
Unless otherwise defined herein, capitalised terms have the same
meaning as given to them in the Project Agreement and/or Collateral
Deed (as applicable).
As reported in RNS number 7541O on 1 February 2023 the Issuer
received a termination notice from the Coventry and Warwickshire
Partnership Trust (previously Coventry Primary Care Trust) (the
"Trust"). By this termination notice the Trust stated that it had
terminated the Project Agreement in its entirety as it applies to
the Trust only, pursuant to the terms of the Project Agreement, and
that such termination took effect on 1 February 2023.
The Trust makes up circa 8% of the arrangements under the
Project Agreement and therefore the Project Agreement as it relates
to the University Hospitals Coventry and Warwickshire Trust will
continue.
The Trust has not elected to retender the Coventry Primary Care
Trust Project Operations and therefore the no retendering procedure
under the Project Agreement will be followed. The Issuer and the
Trust will now be seeking to determine and agree the Estimated Fair
Value of the Project Agreement (as it relates to the Trust only) in
accordance with the principles set out in the Project
Agreement.
Further updates will be provided once available.
Enquiries
The Issuer
The Coventry and Rugby Hospital Company Plc
8 White Oak Square
Swanley
Kent
BR8 7AG
Attention: Jacques Mostert, 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCJIMRTMTTBBLJ
(END) Dow Jones Newswires
March 14, 2023 13:32 ET (17:32 GMT)
Cov&rug 3.246% (LSE:51VZ)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Cov&rug 3.246% (LSE:51VZ)
Historical Stock Chart
Von Jun 2023 bis Jun 2024