U.K.-based limited-purpose entity, St. James's Oncology Financing PLC, plans to issue £208 million of senior secured fixed-rate debt and £60 million of index-linked debt, both fully amortizing and due March 31, 2037. The proceeds will be 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 preliminary 'AA' long-term rating to the proposed issuance. We are also assigning our preliminary 'BBB' Standard
