REG - Coventry&Rugby Hos. - Holding company administration

Assured GuarantyAnnouncement

26/04/2023 11:30

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RNS Number : 5327X  Coventry & Rugby Hospital Co PLC  26 April 2023

Coventry&Rugby Hos.

Holding company administration

 

Coventry & Rugby Hospital Co PLC

26 April 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

£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).

The Issuer has previously reported the accrual of Service Failure Points (RNS
Number 2422O) and the partial termination notice issued by CWPT under the
Project Agreement in so far as it relates to the Mental Health Unit (RNS
Number 7541O).

As a consequence, Events of Default have occurred under the Collateral Deed
and are continuing and therefore Assured Guaranty has directed the 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,
have been appointed as Joint Administrators.

Charles McLeod and Andrew Dixon have been appointed as directors of the
Issuer.

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.

 

 

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.

 

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