Integrated Accommodation Services PLC

In June 2000, U.K.-based limited purpose entity Integrated Accommodation Services PLC (IAS or ProjectCo) issued £406.85 million senior secured bonds to finance the design, construction, and operation of a 4,000-desk-space office accommodation facility at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham. GCHQ has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and it plays an essential role in supporting the U.K. government's security, defence, foreign, and economic policies. The project operates under a 30-year private finance initiative (PFI) agreement with the U.K. Secretary of State for Foreign and Commonwealth Affairs (the Authority), signed in June 2000 and expiring in June 2030, under which it is responsible for the facility's operations and maintenance (O&M)

...In June 2000, U.K.-based limited purpose entity Integrated Accommodation Services PLC (IAS or ProjectCo) issued ú406.85 million senior secured bonds to finance the design, construction, and operation of a 4,000-desk-space office accommodation facility at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham. GCHQ has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and it plays an essential role in supporting the U.K. government's security, defence, foreign, and economic policies. The project operates under a 30-year private finance initiative (PFI) agreement with the U.K. Secretary of State for Foreign and Commonwealth Affairs (the Authority), signed in June 2000 and expiring in June 2030, under which it is responsible for the facility's operations and maintenance (O&M) for the life of the concession. Construction was completed in 2003 and the latent defect period expired in June 2015. IAS has passed hard and...

Full Report