Extension of Administration of Holding Company

Coventry & Rugby Hospital Co PLC

24 March 2025

 

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

£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 LIMITED)

(the "Bonds")

(ISIN: XSO159152189 Common Code: 015915218)

Holding Company placed into administration

In reference to (i) the Project Agreement between University Hospitals Coventry and Warwickshire National Health Service Trust, Coventry Primary Care Trust (succeeded by Coventry and Warwickshire Partnership NHS Trust ("CWPT")) and The Coventry and Rugby Hospital Company PLC (the "Issuer") dated 3 December 2002, as amended from time to time, and (ii) the Collateral Deed between the Issuer, 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 as amended from time to time.

Unless otherwise defined herein, capitalised terms have the same meaning as given to them in the Project Agreement and/or Collateral Deed (as applicable).

As noted in RNS 5327X, as a consequence of Events of Default under the Collateral Deed, Assured Guaranty directed Security Trustee to enforce the security granted by Project Co's holding company (The Coventry and Rugby Hospital Company (Holdings) Limited) ("HoldCo") in order to effect the appointment of administrators to HoldCo.  HoldCo owns 100% of the shares in the Issuer. 

Rob Croxen and Mark Firmin of professional services firm Alvarez & Marsal, were appointed as Joint Administrators on 25^th April 2023.  The initial appointment period was for one year, which was extended by creditor consent by one additional year being the maximum possible extension by consent.

On 18 March 2025 The High Court granted an order to extend the administration for a further two years to 24 April 2027 in order that the objectives of the administration can be delivered.

The Issuer is not in Administration and continues to trade normally and services provided to the Acute Hospital remain unaffected

Enquiries

The Issuer

The Coventry and Rugby Hospital Company Plc

8 White Oak Square

Swanley

Kent

BR8 7AG

Attention: Jacques Mostert, Project Co. Representative

 

END