Presale: Pacific Quay Finance PLC Jun 04
- ID: 1885790
- June 2004
- Standard & Poors
A preliminary credit rating has been assigned to the -130 million commercial mortgage-backed fixed-rate notes to be issued by Pacific Quay Finance PLC, an SPE. The collateral to the notes is a headlease on the property development site and proposed office building at Pacific Quay located in Glasgow and an occupational lease with the British Broadcasting Corp. (BBC). The occupational lease itself generates rental payments from the BBC and the transaction structure also results in deferred subscription amounts (tax rebates) contributed by self-invested pension plans (SIPPs). The primary purpose of this transaction is to fund the development of a new office and broadcasting facility for the BBC regional headquarters in Scotland. Proceeds will be used to meet construction costs, operating...
Companies mentioned in this report are: Pacific Quay Finance PLC
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