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Presale: Pacific Quay Finance PLC Jun 04

  • ID: 1885790
  • June 2004
  • Standard & Poors


  • Pacific Quay Finance PLC
  • MORE

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Pacific Quay Finance PLC

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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