Coventry & Rugby Hospital Co PLC Bondholder Notice of Redemption (4098J)

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RNS Number : 4098J

Coventry & Rugby Hospital Co PLC

15 August 2023

Bondholder Notice of Redemption

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")

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) Ltd)

(the "Bonds")

(ISIN: XSO159152189 Common Code: 015915218)

CPCT Prepayment Event

In reference to the Project Agreement dated 3 December 2002 between University Hospitals Coventry and Warwickshire National Health Service Trust, Coventry Primary Care Trust (succeeded by Coventry and Warwickshire Partnership Trust ("CWPT")) and The Coventry and Rugby Hospital Company Plc, dated 3 December 2002, as amended from time to time (the "Project Agreement") 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) Ltd) ("Assured Guaranty") (the "Collateral Deed") and the Funders Direct Agreement dated 3 December 2002 between (1) University Hospitals Coventry and Warwickshire National Health Service Trust (2) CWPT (3) Mourant & Co Capital Trustees Limited (now Apex Corporate Trustees (UK) Limited) (the "Security Trustee") and (4) the Issuer (the "Funders Direct Agreement"). Unless otherwise defined herein, capitalised terms have the same meaning as given to them in the Collateral Deed.

On 22 June 2022 CWPT served a Termination Notice (as defined in the Funders Direct Agreement) dated 21 June 2022 on the Security Trustee and Assured Guaranty under the terms of the Funders Direct Agreement. The termination took effect on 1 February 2023. That Termination Notice, issued by CWPT under the Funders Direct Agreement, constitutes a CPCT Prepayment Event.

Partial Prepayment of Bonds

As a consequence of the CPCT Prepayment Event and as provided for in the terms and conditions of the Bonds and the Senior Finance Documents , the Credit Provider has directed the Issuer to, and Issuer will, redeem the CPCT Portion (9.826590 per cent) of the Outstanding Principal Amount of each Bond at the CPCT Prepayment Amount together with accrued interest adjusted for indexation on 18 September 2023.

This will be in the total aggregate amount of GBP45,117,084.77. Payment will require the Issuer to make use of funds in accounts which are usually maintained as reserves for contingencies, as it is permitted to do by the Senior Finance Documents.

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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August 15, 2023 11:32 ET (15:32 GMT)