Coventry & Rugby Hospital Co PLC Statement re Unavailability (6890M)
22 Janvier 2016 - 8:59AM
UK Regulatory
TIDM51VZ
RNS Number : 6890M
Coventry & Rugby Hospital Co PLC
22 January 2016
ANNOUNCEMENT
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC - RNS
ANNOUNCEMENT
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC (the "Issuer")
GBP407,239,000
3.246 per cent. Index Linked guaranteed secured bonds due 30
June 2040
(including GBP35,000,000 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 MBIA UK Insurance
Limited)
Agreement of settlement
As previously announced, on 6 November 2015 the University
Hospital Coventry and Warwickshire NHS Trust (the "Trust") withheld
GBP18,079,162.13 + VAT, from the service payment of
GBP21,342,568.18 +VAT, which was due for payment to the Issuer on 6
November 2015.
Please see the Issuer's announcement dated 11 November 2015 for
details of the Trust's basis for the withholding. The Issuer gave
notice to the Trust on 9 November 2015 that it disputed the Trust's
basis for the withholding and referred the dispute to the Liaison
Committee for resolution.
Following negotiations between the Issuer and the Trust, a full
and final settlement has been reached. The terms and conditions of
the settlement are confidential, however, in summary, the Trust has
paid to the Issuer the outstanding amount of the service payment
which was due to the Issuer 6 November 2015 and the Issuer has paid
to the Trust a settlement amount. The Trust and the Issuer have
also agreed a remediation plan in relation to fire
compartmentation, which the Issuer will carry out with the
assistance of its Construction Partner.
The payment of the settlement amount will not result in any
Event of Default or Potential Event of Default (including with
respect to financial cover ratios). In addition, the Trust has
agreed not assert any right to make deductions in respect of the
issues stated in the Issuer's previous announcement referred to
above provided the remediation plan is executed in accordance with
its terms.
Enquiries
The Issuer
The Coventry and Rugby Hospital Company Plc
8 White Oak Square
Swanley
Kent
BR8 7AG
Attention: Geoff Dix, 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 company news service from the London Stock Exchange
END
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