Healthcare Support(Newcastle)FinPLC Occurrence of certain Events of Default (2622U)

TIDM73FU

RNS Number : 2622U

Healthcare Support(Newcastle)FinPLC

01 December 2021

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

Occurrence of certain Events of Default and Trigger events for the purposes of a Collateral Deed

As a result of certain service performance deficiencies which have occurred at the Newcastle Hospitals PFI Project (the "Project"), the Newcastle Hospitals NHS Foundation Trust (the "Trust") has accrued certain rights against the Company's sister company Healthcare Support (Newcastle) Limited ("HSN") under the Project Agreement dated 4 May 2005, including the right to award certain "Service Failure Points" to HSN. The accrual by the Trust of these rights gives rise to certain "Trigger Events" and "Events of Default" for the purposes of the Collateral Deed dated 4 May 2005. Further to the requirements of the Collateral Deed, 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 Trigger Events and Events of Default.

The occurrence of Trigger Events and Events of Default under the Collateral Deed provides the Majority Creditors with certain rights in respect of the Project. The Company and HSN continue to work with the Majority Creditors, HSN's sub-contractors and the Trust with a view to addressing the underlying service performance issues and improving service performance at the Project.

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December 01, 2021 10:00 ET (15:00 GMT)

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