UPP Bond 1 Issuer PLC (UPP or the issuer) 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). UPP on-lent the proceeds of the notes to six special-purpose vehicles (the "AssetCos") currently operating accommodation under individual long-term concession agreements for six U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, and the 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. On Dec. 9, 2014, UPP issued £149.7 million index-linked debt
