Summary: UPP Bond 1 Issuer PLC

In March 2013, UPP Bond 1 Issuer PLC (the issuer) raised £307.1 million of senior secured fixed-rate notes due Feb. 28, 2040 (class A1), and £75 million senior secured index-linked notes due Aug. 31, 2047 (class A2). The issuer on-lent the proceeds to six special-purpose vehicles operating student residential accommodation in the U.K. to refinance their outstanding short-term project loans and terminate the swaps in place. On Dec. 9, 2014, the issuer raised £149.7 million additional index-linked debt (class A3 notes) due Aug. 31, 2049 under the same program to acquire UPP (Exeter) Ltd. and refinance its existing liabilities. All senior debt is cross-collateralized and ranks pari passu. The ring-fenced security group therefore comprises seven ProjectCos that are operating student

...In March 2013, UPP Bond 1 Issuer PLC (the issuer) raised ú307.1 million of senior secured fixed-rate notes due Feb. 28, 2040 (class A1), and ú75 million senior secured index-linked notes due Aug. 31, 2047 (class A2). The issuer on-lent the proceeds to six special-purpose vehicles operating student residential accommodation in the U.K. to refinance their outstanding short-term project loans and terminate the swaps in place. On Dec. 9, 2014, the issuer raised ú149.7 million additional index-linked debt (class A3 notes) due Aug. 31, 2049 under the same program to acquire UPP (Exeter) Ltd. and refinance its existing liabilities. All senior debt is cross-collateralized and ranks pari passu. The ring-fenced security group therefore comprises seven ProjectCos that are operating student residential accommodation for seven U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, the University of Plymouth, the University of...

Summary