REG - HCareSuppNewcFin - Settlement and Bond Commutation Announcement

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RNS Number : 6381Y  Healthcare Support(Newcastle)FinPLC  09 September 2025

RNS Announcement

Healthcare Support (Newcastle) Finance Plc

9 September 2025

 

 

Newcastle Hospitals PFI Project (the Project)

Settlement and Bond Commutation Announcement
 

 

Healthcare Support (Newcastle) Finance Plc (the Company) announces that:

 

1.   The Company and its associated companies Healthcare Support (Newcastle)
Limited (Project Co) and Healthcare Support (Newcastle) Holdings Limited
entered into a Bond Commutation transaction with their senior creditors on 20
August 2025 whereby:

 

(a)  the guarantee provided by Syncora Guarantee Inc (as successor to XL
Capital Assurance (U.K.) Limited and XL Capital Assurance Inc.) in respect of
the index-linked secured bonds issued by the Company was terminated and
Syncora Guarantee Inc was released from certain of its related obligations
under financing agreements related to the Project; and

 

(b)  the coupon payable on the index-linked secure bonds issued by the
Company was increased from 2.1870% to 2.3495%; and

 

2.   Project Co entered into a settlement transaction with (inter alia) the
Newcastle Upon Tyne Hospitals NHS Foundation Trust (the Trust), Mitie FM
Limited (Mitie) and Laing O'Rourke Delivery Limited on 20 August 2025 whereby:

 

(a)  the parties agreed to settle certain historical claims between them;

 

(b)  Project Co and the Trust agreed to effect certain amendments to the
terms of the Project Agreement entered into by them on 4 May 2005 in
connection with the Project;

 

(c)  Project Co and Mitie agreed to effect certain amendments to the terms of
the Service Contract entered into by them on 4 May 2005 in connection with the
Project; and

 

(d)  Project Co's Majority Creditors agreed a waive a number of Events of
Default and Trigger Events subsisting for the purposes of the financing
agreements related to the Project.

 

For further information please contact:

 

Healthcare Support (Newcastle) Finance Plc

1 Park Row

Leeds,

United Kingdom

LS1 5AB

 

Kieron Clegg (Manager's representative)

kieron.clegg@resolis.com

07572 174 261

 

 

 

 

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