U.K.-based limited-purpose entity St. James's Oncology Financing PLC has issued £268.1 million of guaranteed senior secured debt, including £7.0 million of variation bonds that may be released to the market at a later date. The issuance proceeds were lent to St. James's Oncology SPC Ltd. (ProjectCo) to refinance debt and pay a refinancing gain to the Leeds Teaching Hospitals NHS Trust (the Trust) and shareholders. ProjectCo was created to finance, design, build, and operate a new 350-bed oncology wing (the Bexley Wing) for St. James's University Hospital in Leeds. The project is backed by a 33-year and two-month agreement with the Trust. We are assigning our 'AA' long-term rating to the debt to reflect the unconditional guarantee provided by Assured
