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LONDON - Healthcare Support (Newcastle) Finance Plc announced Tuesday it has completed a bond commutation transaction with senior creditors related to its Newcastle Hospitals PFI Project.
The transaction, finalized on August 20, 2025, terminated the guarantee provided by Syncora Guarantee Inc. for the company’s index-linked secured bonds. As part of the agreement, the coupon rate on these bonds increased from 2.1870% to 2.3495%.
Simultaneously, Healthcare Support (Newcastle) Limited (Project Co) entered into a settlement transaction with Newcastle Upon Tyne Hospitals NHS Foundation Trust, Mitie FM Limited, and Laing O’Rourke Delivery Limited. This agreement resolved certain historical claims between the parties.
The settlement also included amendments to the Project Agreement originally signed on May 4, 2005, between Project Co and the Trust, as well as modifications to the Service Contract between Project Co and Mitie from the same date.
As part of the settlement, Project Co’s Majority Creditors agreed to waive several Events of Default and Trigger Events that existed under the project’s financing agreements.
The announcement, made via regulatory news service, indicates the resolution of multiple contractual issues related to the Newcastle Hospitals PFI (Private Finance Initiative) Project, according to the company’s press release statement.
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