Peterborough (Progress Health) plc Announcement (0196F)

TIDM50PS

RNS Number : 0196F

Peterborough (Progress Health) plc

24 October 2018

RNS ANNOUNCEMENT

PETERBOROUGH (PROGRESS HEALTH) PLC - RNS ANNOUNCEMENT

For immediate release

24 October 2018

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

GBP396,115,000 5.581 per cent. Guaranteed Secured Bonds due 2042 (the "Bonds")

guaranteed as to scheduled payments of principal and interest pursuant to a bond financial

guarantee issued by FGIC UK Limited (the "Controlling Creditor")

(ISIN XS0308856276)

Peterborough City Hospital (PCH)

Following extensive discussions in relation to certain project issues between the Issuer, North West Anglia NHS Foundation Trust (Trust), Cambridgeshire and Peterborough Foundation Trust (CPFT), NHS Property Services Limited (NHSPSL), Multiplex Construction Europe Limited (MCEL) and Multiplex Services Europe Limited (MSEL) (together, Multiplex), Medirest (Soft Services Provider) and Althea (MES Sub-Contractor), the Issuer intends to enter into a number of settlement agreements in order to resolve and settle such project issues.

As part of the settlement arrangement, the Issuer intends to enter into a number of deeds of variation to effect amendments to the Project Agreement, Hard Services Contract, Soft Services Contract and MES Contract.

The expectation is that together the settlement agreements and deeds of variation will provide an effective framework for the parties to collaborate and implement agreed solutions to the project issues, and effect a return to a steady state in respect of project operations.

Financial Obligations

The Issuer fulfilled its Debt Service Obligations on 2 April 2018 and 2 October 2018, 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 2019, 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

AgenSynd S.L.

15 Old Bailey Street

London

EC4M 7EF

Attention: Daniel Trivic

The Bond Trustee

AgenSynd S.L.

15 Old Bailey Street

London

EC4M 7EF

Attention: Daniel Trivic

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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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October 24, 2018 04:42 ET (08:42 GMT)

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