REG - HCareSuppNewcFin - Events of Default and Trigger Events
17/04/2023 17:00
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RNS Number : 4778W Healthcare Support(Newcastle)FinPLC 17 April 2023
Healthcare Support (Newcastle) Finance Plc (the "Company")
Events of Default and Trigger Events under Collateral Deed dated 4 May 2005
As a result of certain service performance deficiencies at the Newcastle
Hospitals PFI Project (the "Project"), a number of "Trigger Events" have
occurred for the purposes of the Collateral Deed dated 4 May 2005. Further to
the requirements of the Collateral Deed, the Company's sister company,
Healthcare Support (Newcastle) Limited ("HSN"), has previously notified the
Bond Trustee (who acts as trustee of a Bond Trust Deed dated 4 May 2005 in
respect of the Company's listed 2.187% index-linked guaranteed secured bonds
(the "Bonds")) of the occurrence of these Events of Default and Trigger
Events.
The occurrence of Events of Default and Trigger Events under the Collateral
Deed provides the Majority Creditors with certain rights in respect of the
Project, including the right to accelerate the amounts payable under the Bonds
and enforce associated security. As at the date of this announcement, the
Majority Creditors have not elected to accelerate the amounts payable under
the Bonds or enforce security.
The Company continues to work with the Majority Creditors, HSN's
sub-contractors and the Newcastle Upon Tyne Hospitals NHS Foundation Trust
with a view to improving service performance at the Project.
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