Coventry & Rugby Hospital Co PLC Adjudication Outcome (5164O)
10 Juin 2022 - 2:58PM
UK Regulatory
TIDM51VZ
RNS Number : 5164O
Coventry & Rugby Hospital Co PLC
10 June 2022
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 Assured Guaranty UK
LIMITED)
Warning Notices and Service Failure Points
In reference to the Project Agreement between University
Hospitals Coventry and Warwickshire National Health Service Trust,
Coventry Primary Care Trust (succeeded by Coventry and Warwickshire
Partnership Trust) and The Coventry and Rugby Hospital Company Plc,
dated 3 December 2002, as amended from time to time and the
Collateral Deed between The Coventry and Rugby Hospital Company
Plc, The Coventry and Rugby Hospital Company (Holdings) Limited,
Mourant & Co. Capital Trustees Limited (succeeded by Apex
Corporate Trustees (UK) Ltd) (As Security Trustee and Bond Trustee
) and MBIA Assurance S.A. (succeeded by Assured Guaranty UK
Limited), dated 3 December 2002. Unless otherwise defined herein,
capitalised terms have the same meaning as given to them in the
Project Agreement and Collateral Deed.
On 23 December 2021 the Issuer, its Hard FM subcontractor Vinci
Construction UK Ltd and Coventry and Warwickshire Partnership Trust
("CWPT") (together the "Standstill Parties") entered into a
Standstill Agreement relating to alleged failures. The Standstill
Parties agreed that they will enter into discussions regarding the
issues with the intention of resolving these during the Standstill
Period. The Standstill Agreement also varied the terms of the
Dispute Resolution Procedure as set out in the Project Agreement in
relation to these issues.
On 31 January 2022, CWPT served a Notice of Adjudication to the
Issuer in relation to the Dispute regarding the alleged failures.
CWPT payments equate to approximately 8% of the total Unitary
Payments.
The Adjudication procedure has now concluded, and the final
decision was received on 23 May 2022. The level of SFPs that CWPT
was entitled to award constitutes Project Co Events of Default
under the Project Agreement. The level of SFPs also give rise to
Events of Default under the Collateral Deed.
Financial Obligations
CWPT has made deductions from its Unitary Charge payments in
relation to these alleged failures. However, the Issuer fulfilled
its Scheduled Senior Debt Service obligations on 31 December 2021,
without the need to utilise cash standing to the credit of
available reserve bank accounts. The Issuer expects to be in a
position to meet its next Scheduled Senior Debt Service
obligations, due on 30 June 2022, as well as all future Scheduled
Senior Debt Service obligations, without recourse to such available
reserve bank accounts.
Enquiries
The Issuer
The Coventry and Rugby Hospital Company Plc
8 White Oak Square
Swanley
Kent
BR8 7AG
Attention: Jacques Mostert, Project Co. Representative.
Important information
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END
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