REG - Coventry&Rugby Hos. - Extension of Administration of Holding Company

Assured GuarantyAnnouncement

24/03/2025 18:30

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RNS Number : 9441B  Coventry & Rugby Hospital Co PLC  24 March 2025

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

£407,239,000

3.246 per cent. Index Linked guaranteed secured bonds due 30 June 2040

(including £35,000,000 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 LIMITED)

(the "Bonds")

(ISIN: XSO159152189 Common Code: 015915218)

 

Holding Company placed into administration

 

In reference to (i) the Project Agreement between University Hospitals
Coventry and Warwickshire National Health Service Trust, Coventry Primary Care
Trust (succeeded by Coventry and Warwickshire Partnership NHS Trust ("CWPT"))
and The Coventry and Rugby Hospital Company PLC (the "Issuer") dated 3
December 2002, as amended from time to time, and (ii) the Collateral Deed
between the Issuer, 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) Limited), dated 3
December 2002 as amended from time to time.

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 noted in RNS 5327X, as a consequence of Events of Default under the
Collateral Deed, Assured Guaranty directed Security Trustee to enforce the
security granted by Project Co's holding company (The Coventry and Rugby
Hospital Company (Holdings) Limited) ("HoldCo") in order to effect the
appointment of administrators to HoldCo.  HoldCo owns 100% of the shares in
the Issuer.

 

Rob Croxen and Mark Firmin of professional services firm Alvarez & Marsal,
were appointed as Joint Administrators on 25(th) April 2023.  The initial
appointment period was for one year, which was extended by creditor consent by
one additional year being the maximum possible extension by consent.

 

On 18 March 2025 The High Court granted an order to extend the administration
for a further two years to 24 April 2027 in order that the objectives of the
administration can be delivered.

 

The Issuer is not in Administration and continues to trade normally and
services provided to the Acute Hospital remain unaffected

 

 

Enquiries

The Issuer

The Coventry and Rugby Hospital Company Plc

8 White Oak Square

Swanley

Kent

BR8 7AG

 

Attention: Jacques Mostert, Project Co. Representative

 

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