Assured Guaranty wraps US$456 million bond for Hospital PPP project in UK
Assured Guaranty UK Limited (AGUK) announces that it has guaranteed scheduled principal and interest payments on approximately GBP327 million (US$456.13 million) of index-linked secured bonds (the Bonds) raised in the public market by QAH Finance Plc (the Issuer), a newly incorporated special purpose company.
The proceeds from the Bonds finance the Issuer’s acquisition of an index-linked Credit Guarantee Loan from the Department of Health and Social Care, the existing funder of the Queen Alexandra Hospital PFI Project in Portsmouth.
The project has been fully operational for approximately 11 years after successfully completing its construction phase in 2010. The project has a 30-year operational concession expiring in December 2040 with Portsmouth Hospitals NHS Trust. The current sponsor for the project is HICL Infrastructure Plc.
The 18½ year Bonds were issued on 22 April 2021, with the issuance being oversubscribed following high demand from institutional investors.
Assured Guaranty’s advisers on the deal were CMS Cameron McKenna Nabarro Olswang (legal adviser), MAMG (technical adviser), Mazars (model audit and tax adviser) and Marsh (insurance adviser). HSBC acted as the bond lead manager.
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