Transaction Update: Integrated Accommodation Services PLC

Under a 30-year project agreement, Integrated Accommodation Services PLC (IAS, or ProjectCo) financed the design, construction, and operation of new accommodation facilities for about 4,000 desk spaces at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham, on behalf of the Secretary of State for Foreign and Commonwealth Affairs (FCA). GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government's security, defense, foreign, and economic policies. Construction was completed in 2003 by Carillion Construction Ltd., three-years after financial close, and the latent defect period expired in June 2015. As such, the project is in steady-state operations. S&P Global Ratings'

...Under a 30-year project agreement, Integrated Accommodation Services PLC (IAS, or ProjectCo) financed the design, construction, and operation of new accommodation facilities for about 4,000 desk spaces at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham, on behalf of the Secretary of State for Foreign and Commonwealth Affairs (FCA). GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government's security, defense, foreign, and economic policies. Construction was completed in 2003 by Carillion Construction Ltd., three-years after financial close, and the latent defect period expired in June 2015. As such, the project is in steady-state operations....

Transaction Update Report