Financial close for University of York student housing project

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Assured Guaranty plc (AGE) has announced that it has guaranteed principal and interest payments on a GBP 159 million (US$ 209.1 million) loan to Civitas Living LLP. The loan will finance the construction of new student accommodation at the University of York.

The 45-year inflation-linked loan, which reached financial close on December 6, 2019, took advantage of low long-term rates and was funded by a single UK investor.

Graham Construction will build the new accommodation, delivering accommodation in two phases over three years. Derwent Facilities Management will maintain the halls during the project term. Equitix is the sponsor of the project company.

The loan will finance the development of two new colleges on the University’s campus, providing a total of 1,480 new bed spaces for students. The halls are designed to house both undergraduate and postgraduate students in en-suite rooms.

AGE guarantees timely payment of scheduled principal and interest to holders of debt instruments throughout the life of the debt, in accordance with the terms of its financial guarantees.

The advisers of AGE on the deal were CMS (legal adviser), AECOM (technical adviser), Cushman & Wakefield (demand adviser) and Marsh (insurance adviser). Trade risks acted as bond lead manager.

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