...In 2007, U.K.-based special-purpose vehicle BY Chelmer PLC (ProjectCo) issued a ú162.65 million 2.2% guaranteed senior secured index-linked bond due March 2043 to finance the design, construction, and maintenance of new facilities for Broomfield Hospital in Chelmsford, Essex. The facilities comprise a five-story, new-build, 600-bed hospital connected to the existing hospital, and a new multi-story car park. Construction of the facilities was completed in 2010 by Mid Essex Hospital Project Ltd (MEHPL), a joint venture between Bouygues (U.K.) Ltd. and Bouygues Energies and Services FM U.K. Ltd. ProjectCo operates the assets under a 35-year availability-based private finance initiative (PFI) agreement signed on Dec. 6, 2007, with the Mid Essex Hospital Services NHS Trust (the Trust) in return for the receipt of a monthly unitary charge (UC) payment. Under the project agreement, ProjectCo is responsible for undertaking hard facilities management (FM) and major maintenance (lifecycle) of the...
