Healthcare Support(Newcastle)FinPLC Service performance update (1910G)

TIDM73FU

RNS Number : 1910G

Healthcare Support(Newcastle)FinPLC

02 November 2018

Healthcare Support (Newcastle) Finance plc (the "Company")

Events of Default and Trigger Events under Collateral Deed dated 4 May 2005

As a result of certain service performance deficiencies at the Newcastle Hospitals PFI Project (the "Project"), a number of "Events of Default" and "Trigger Events" have occurred for the purposes of the Collateral Deed dated 4 May 2005. Further to the requirements of the Collateral Deed, the Company's sister company, Healthcare Support (Newcastle) Limited ("HSN"), has previously notified the Bond Trustee (who acts as trustee of a Bond Trust Deed dated 4 May 2005 in respect of the Company's listed 2.187% index-linked guaranteed secured bonds (the "Bonds")) of the occurrence of these Events of Default and Trigger Events.

The occurrence of Events of Default and Trigger Events under the Collateral Deed provides the Majority Creditors with certain rights in respect of the Project and, as at the date of this announcement, the Majority Creditors have exercised certain of the rights available to them in connection with the Events of Default and Trigger Events.

The Company continues to work with the Majority Creditors, HSN's sub-contractors and the Newcastle Upon Tyne Hospitals NHS Foundation Trust with a view to improving service performance at the Project.

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November 02, 2018 06:58 ET (10:58 GMT)

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