REG - HCareSuppNewcFin - Occurrence of certain Events of Default
01/12/2021 16:05
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RNS Number : 2622U Healthcare Support(Newcastle)FinPLC 01 December 2021
Healthcare Support (Newcastle) Finance plc (the "Company")
Occurrence of certain Events of Default and Trigger events for the purposes of
a Collateral Deed
As a result of certain service performance deficiencies which have occurred at
the Newcastle Hospitals PFI Project (the "Project"), the Newcastle Hospitals
NHS Foundation Trust (the "Trust") has accrued certain rights against the
Company's sister company Healthcare Support (Newcastle) Limited ("HSN") under
the Project Agreement dated 4 May 2005, including the right to award certain
"Service Failure Points" to HSN. The accrual by the Trust of these rights
gives rise to certain "Trigger Events" and "Events of Default" for the
purposes of the Collateral Deed dated 4 May 2005. Further to the requirements
of the Collateral Deed, 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 Trigger Events and Events of Default.
The occurrence of Trigger Events and Events of Default under the Collateral
Deed provides the Majority Creditors with certain rights in respect of the
Project. The Company and HSN continue to work with the Majority Creditors,
HSN's sub-contractors and the Trust with a view to addressing the underlying
service performance issues and improving service performance at the Project.
Ends
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