Transaction Update: NewHospitals (St. Helens and Knowsley) Finance PLC Feb 12

Standard & Poors, February 2012

Abstract
The Issuer onlent the proceeds of the senior secured bonds and the European Investment Bank (EIB; AAA/Negative/A-1+) loan to NewHospitals (St. Helens & Knowsley) Ltd. (ProjectCo), a separate special-purpose vehicle that has entered into a 41.23-year private finance initiative (PFI) concession agreement with St. Helens and Knowsley Teaching Hospitals Trust (the Trust) to design, build, operate, and maintain two hospital facilities at the St. Helens and Delph Lane, Prescot (Whiston) sites. In addition, ProjectCo has refurbished some existing facilities at the St. Helens site. The overall construction period is five years, and the final contractual completion date is June 2012. The -178.3 million index-linked guaranteed secured bonds (including -25.3 million of index-linked variation bonds) issued by U.K.-based special-purpose vehicle NewHospitals...

Companies mentioned in this report are: NewHospitals (St. Helens and Knowsley) Finance PLC
Action: Review

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

NewHospitals (St. Helens and Knowsley) Finance PLC

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