REG - Gwynt y Mor OFTO PLC - Court judgment released in cable repair legal case

Balfour BeattyAnnouncement

29/04/2020 10:00

RNS Number : 2392L
  
Gwynt y Mor OFTO plc
  
29 April 2020
  
 

28th April 2020
 
 
GWYNT Y MOR OFTO PLC GBP 339,215,000 2.778 PER CENT. SECURED BONDS DUE FEB 2034
ISIN XS1175846580
Please find below the latest update with regards to the legal case between Gwynt y Mor OFTO plc and Gwynt y Mor Offshore Wind Farm Ltd (the developer):
Gwynt y Mor OFTO plc was attempting to recover costs from the developer under the terms of the Sale and Purchase Agreement.
On 8 April 2020, the judgment was released with the court finding in favour of the developer.
As a result, the OFTO must contribute to the developer's legal costs. The full amount has yet to be determined but an interim payment will be made within the next 28 days.
The impact of this additional cost is that the Historic DSCR is expected to fall below lock-up levels at the next Calculation Date, and the Monitored Operating Costs in the semi-annual period will be greater than 120% of forecast. The Reserves will continue to be fully funded and the ratios are expected to be above the default level.


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