Financial Guaranty UK Limited De-Risking and Contemplated Consent Solicitations (6271F)

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RNS Number : 6271F

Financial Guaranty UK Limited

17 November 2020

Financial Guaranty UK Limited

De-Risking Exercise and Contemplated Consent Solicitations

LONDON, 17 November 2020. Financial Guaranty UK Limited ("FGUK") (formerly FGIC UK Limited) today announces that it is currently undergoing a de-risking exercise in relation to its financial guarantee portfolio. This exercise includes seeking to remove or substantially reduce certain of the financial guarantees in its portfolio, subject to market conditions and reaching agreements on acceptable terms with the relevant counterparties. To this end FGUK is contemplating conducting consent solicitations in respect of certain series of bonds in respect of which it has provided a financial guarantee. There can be no assurance as to the outcome of such de-risking exercise, which is subject to various factors outside of the control of FGUK. In particular, there can be no assurance as to which financial guarantees in FGUK's current financial guarantee portfolio, if any, will be removed or substantially reduced.

FGUK is the financial guarantor of the following series of bonds that are listed on the main market of the London Stock Exchange.

 
                Name of Issuer                                Name of Series                     ISIN/ Common Code 
 Peterborough (Progress Health) plc              GBP446,115,000 5.58 per cent. Guaranteed     XS0308856276 / 030885627 
                                                      Secured Bonds due October 2042 
                                               --------------------------------------------  ------------------------- 
 Consort Healthcare (Birmingham) Funding plc    GBP398,680,000 1.972 per cent. Index-Linked   XS0257525112 / 025752511 
                                                     Guaranteed Secured Bonds due 2044 
                                               --------------------------------------------  ------------------------- 
 Northern Gas Networks Finance Plc               GBP250,000,000 4.875 per cent. Guaranteed    XS0234964459 / 023496445 
                                                              Bonds due 2027 
                                               --------------------------------------------  ------------------------- 
 Northern Gas Networks Finance Plc               GBP255,000,000 4.875 per cent. Guaranteed    XS0234964533 / 023496453 
                                                              Bonds due 2035 
                                               --------------------------------------------  ------------------------- 
 Consort Healthcare (Mid Yorkshire) Funding     GBP214,531,000 2.055 per cent. Index-Linked   XS0307799246 / 030779924 
 plc                                                 Guaranteed Secured Bonds due 2041 
                                               --------------------------------------------  ------------------------- 
 Bishopsgate Asset Finance Limited                GBP203,680,000 Guaranteed Asset Backed      XS0263456344 / 026345634 
                                                         Fixed Rate Notes due 2044 
                                               --------------------------------------------  ------------------------- 
 

For further information, please contact:

Financial Guaranty UK Limited

Jennifer Hegemann

[phone]

[e-mail]

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November 17, 2020 10:30 ET (15:30 GMT)