50PS Peterb. 5.58%

TIDM50PS

RNS Number : 8105X

Peterborough (Progress Health) plc

24 February 2017

RNS ANNOUNCEMENT

PETERBOROUGH (PROGRESS HEALTH) PLC - RNS ANNOUNCEMENT

For immediate release

24 February 2017

PETERBOROUGH (PROGRESS HEALTH) PLC (the "Issuer")

GBP446,115,000, 5.58 per cent. Guaranteed Secured Bonds due 2042

(including up to GBP50,000,000 Variation Bonds) unconditionally and irrevocably guaranteed as to scheduled payments of principal and interest pursuant to a bond financial guarantee issued by FGIC UK Limited (the "Bonds")

(ISIN XS0308856276)

On 31 October 2016, Multiplex Construction Europe Limited (MCEL) and Multiplex Services Europe Limited (MSEL) (together, Multiplex) commenced adjudication proceedings in Progress Health's name against Peterborough and Stamford Hospitals NHS Foundation Trust (the Trust) in respect of the fire compartmentation issues at Peterborough City Hospital (PCH).

The adjudicator decided on 16 December 2016 that the Trust was not entitled to make unavailability deductions for fire compartmentation issues for the period 17 November 2014 to 30 June 2015. The Decision has not been challenged by the Trust.

Consequently, on 16 February 2017, the Trust repaid Progress Health, an amount equal to the unavailability deductions totalling GBP6,437,929.13 plus accrued interest. On 17 February 2017, Progress Health made payment to Multiplex in the same amount.

The Issuer is taking legal advice in respect of the next steps, including the recovery of Progress Health's costs.

Financial Obligations

The Issuer fulfilled its debt service obligations on 2 April 2016 and 2 October 2016, without the need to utilise cash standing to the credit of such available reserve bank accounts or make a drawdown under the Liquidity Facility Agreement. The Issuer expects to be in a position to meet its next debt service obligations due on 2 April 2017, without recourse to such available reserve bank accounts or the Liquidity Facility Agreement.

Enquiries

The Issuer

Peterborough (Progress Health) PLC

8 White Oak Square

Swanley

Kent

BR8 7AG

Attention: Matt Rollings

The Principal Paying Agent

Bank of America, N.A.

2 King Edward Street

London

EC1A 1HQ

Attention: John Salmon

The Bond Trustee

BofAML Trustees Ltd

2 King Edward Street

London

EC1A 1HQ

Attention: John Salmon

Important information

This announcement is not a prospectus, is distributed for information purposes only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities in any jurisdiction. Nothing in this document is intended to amount to an invitation or inducement to engage in investment activity. Nothing in this document amounts to the giving of advice. If you are in any doubt as to the action you should take, you should consult a professional adviser.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 24, 2017 06:49 ET (11:49 GMT)

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