Transaction Update: UPP Bond 1 Issuer PLC

UPP Bond 1 Issuer PLC (UPP or the issuer) in March 2013 issued £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). UPP lent the proceeds of the notes on to six special-purpose vehicles (the ProjectCos) operating student residential accommodation under individual long-term concession agreements with six U.K. universities: the University of Kent, the University of Nottingham (A+/Stable), Nottingham Trent University, Oxford Brookes University, Plymouth University, and the University of York. The ProjectCos used the proceeds from the loans to repay their outstanding short-term project loans and terminate the swaps they had in place. ProjectCos will service the loans via the rental income

...UPP Bond 1 Issuer PLC (UPP or the issuer) in March 2013 issued 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). UPP lent the proceeds of the notes on to six special-purpose vehicles (the ProjectCos) operating student residential accommodation under individual long-term concession agreements with six U.K. universities: the University of Kent, the University of Nottingham (A+/Stable), Nottingham Trent University, Oxford Brookes University, Plymouth University, and the University of York. The ProjectCos used the proceeds from the loans to repay their outstanding short-term project loans and terminate the swaps they had in place. ProjectCos will service the loans via the rental income generated by the underlying student accommodations. The issuer will, in turn, apply the proceeds of the loans to repay the notes. On Dec. 9, 2014, UPP issued ú149.7 million of index-linked debt (class...

Transaction Update Report