Extension of Standstill Agreements
Summary by AI BETAClose X
ANNOUNCEMENT
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF BONDHOLDERS. IF BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD IMMEDIATELY CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS.
THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE BONDS. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUIRED TO EXPEDITE TRANSMISSION HEREOF TO BENEFICIAL OWNERS OF THE BONDS IN A TIMELY MANNER. IF BONDHOLDERS OR BENEFICIAL OWNERS OF THE BONDS ARE IN ANY DOUBT AS TO THE MATTERS REFERRED TO IN THIS NOTICE, THEY SHOULD CONSULT THEIR STOCKBROKER, LAWYER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELAY.
If you have recently sold or otherwise transferred your entire holding(s) of Bonds referred to below, you should immediately forward this Notice to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC - RNS ANNOUNCEMENT
THE COVENTRY AND RUGBY HOSPITAL COMPANY PLC (the "Issuer")
£407,239,000
3.246 per cent. Index Linked guaranteed secured bonds due 30 June 2040
(including £35,000,000 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 Ltd)
(the "Bonds")
(ISIN: XSO159152189 Common Code: 015915218)
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, Schedules to the Project Agreement and Collateral Deed.
As reported in RNS numbers 9113B and 4898R, two adjudications were commenced to deal with disputes in relation to the EFVA / AEFVA ("Adjusted Estimated Fair Value of the Agreement") and in relation to the reporting of deductions.
As reported in RNS number 8337D the Coventry and Warwickshire Partnership National Health Service Trust ("CWPT") and The Coventry and Rugby Hospital Company Plc (with the consent of Assured Guaranty UK Limited) agreed to enter into a standstill arrangement whereby the Adjudicator would make his decisions in the two adjudications simultaneously but not release them until requested by either party. The parties agreed that no request would be made earlier than 31 December 2024, or on the occurrence of specific circumstances identified in the standstill agreement. This standstill arrangement was then extended to 30 June 2025 as reported in RNS 2716S. As reported in RNS 6682P that standstill arrangement was extended to 14 November 2025 on terms which are materially the same as those previously agreed. That standstill has now been extended to 31 July 2026.
In addition, a standstill agreement was entered into between The Coventry and Rugby Hospital Company Plc and University Hospitals Coventry and Warwickshire National Health Services Trust dated 19 July 2024 was initially due to expire on 31 December 2024, extended to 31 July 2025, and then 12 December 2025. That has now been further extended to 31 July 2026.
The Adjudicator has confirmed that he has written and signed interim decisions in both adjudications. The adjudication decisions are therefore not expected to be released until the expiry of the CWPT standstill arrangement.
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
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.
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END
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
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