UPP Bond 1 Issuer PLC (the issuer) has issued £307.1 million 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), in the capital markets. It has on-lent the proceeds of the notes to six separate special purpose vehicles (the "AssetCos") currently operating accommodation under individual long-term concession agreements for six U.K. universities: University of Kent, University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, and University of York. The AssetCos used the loans to repay the outstanding short-term project loans and terminate the swaps in place. The notes will be repaid from rental income on student accommodation. The issue rating reflects our view of
