Transaction Update: Exchequer Partnership (No. 2) PLC

Under a U.K. government private finance initiative (PFI) for 34 years and nine months (including a 25-month refurbishment period until August 2037), Exchequer Partnership (No.2) PLC (EP2 or ProjectCo) used the bond proceeds to finance the refurbishment of about one-half of the Grade II-listed government offices on Great George Street in the Whitehall area of London. The four-story building currently provides offices for 2,084 workstations of HM Revenue&Customs (HMRC), and includes a library, a restaurant, dining and recreation facilities, and cycle parking for up to 250 bicycles. EP2 began the refurbishment works in 2002 and completed them in November 2004, within budget and slightly ahead of schedule. Since then, EP2 has provided a full suite of soft and

...Under a U.K. government private finance initiative (PFI) for 34 years and nine months (including a 25-month refurbishment period until August 2037), Exchequer Partnership (No.2) PLC (EP2 or ProjectCo) used the bond proceeds to finance the refurbishment of about one-half of the Grade II-listed government offices on Great George Street in the Whitehall area of London. The four-story building currently provides offices for 2,084 workstations of HM Revenue & Customs (HMRC), and includes a library, a restaurant, dining and recreation facilities, and cycle parking for up to 250 bicycles. EP2 began the refurbishment works in 2002 and completed them in November 2004, within budget and slightly ahead of schedule. Since then, EP2 has provided a full suite of soft and hard facilities management (FM) services....

Transaction Update Report