REG - Coventry&Rugby Hos. - Standstill Agreement Extension

Assured GuarantyAnnouncement

03/07/2025 16:15

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RNS Number : 6682P  Coventry & Rugby Hospital Co PLC  03 July 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

 

THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC (the "Issuer")

£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 Ltd)

(the "Bonds")

(ISIN: XSO159152189 Common Code: 015915218)

 

 

In reference to the Project Agreement between University Hospitals Coventry
and Warwickshire National Health Service Trust, Coventry Primary Care Trust
(succeeded by Coventry and Warwickshire Partnership Trust) and The Coventry
and Rugby Hospital Company Plc, dated 3 December 2002, as amended from time to
time and 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 Limited), dated 3 December 2002. Unless otherwise defined
herein, capitalised terms have the same meaning as given to them in the
Project Agreement, Schedules to the Project Agreement and Collateral Deed.

As reported in RNS numbers 9113B and 4898R, two adjudications were commenced
to deal with disputes in relation to the EFVA / AEFVA ("Adjusted Estimated
Fair Value of the Agreement") and in relation to the reporting of deductions.

As reported in RNS number 8337D the Coventry and Warwickshire Partnership
National Health Service Trust ("CWPT") and The Coventry and Rugby Hospital
Company Plc (with the consent of Assured Guaranty UK Limited) agreed to enter
into a standstill arrangement whereby the Adjudicator would make his decisions
in the two adjudications simultaneously but not release them until requested
by either party.  The parties agreed that no request would be made earlier
than 31 December 2024, or on the occurrence of specific circumstances
identified in the standstill agreement. This standstill arrangement was then
extended to 30 June 2025 as reported in RNS 2716S. This standstill arrangement
has now further been extended to 14 November 2025 on terms which are
materially the same as those previously agreed.

In addition, a standstill agreement was entered into between The Coventry and
Rugby Hospital Company Plc and University Hospitals Coventry and Warwickshire
National Health Services Trust dated 19 July 2024 which initially expired on
31 December 2024 but was extended to 31 July 2025.  This has also been
further extended by the respective parties to 12 December 2025.

The Adjudicator has confirmed that he has written and signed interim decisions
in both adjudications.  The adjudication decisions are therefore not expected
to be released until the expiry of the CWPT standstill arrangement.

 

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
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