Coventry and Rugby Hospital calls portion of secured bonds due 2040

By William Gullotti

Buffalo, N.Y., Aug. 15 – Coventry and Rugby Hospital Co. plc will redeem a £45,117,084.77 portion of its 3.246% index-linked guaranteed secured bonds due June 30, 2040 (ISIN: XSO159152189) on Sept. 18, according to a notice on Tuesday.

The bonds are guaranteed by MBIA Assurance SA, or successor Assured Guaranty UK Ltd.

£407,239,000 of the series is presently outstanding, inclusive of £35 million variation bonds.

The redemption is a consequence of a termination notice served by Coventry and Warwickshire Partnership Trust on June 22, 2022, successor to Coventry Primary Care Trust (CPCT), which took effect Feb. 1. The termination notice constitutes a CPCT prepayment event.

The redemption is specifically for the CPCT portion, 9.82659% of the outstanding principal, of each outstanding bond. Accrued and unpaid interest, adjusted for indexation, will also be paid.

The payment terms require the company to fund the redemption with funds usually maintained for contingency reserves.

Coventry and Rugby is a U.K.-based health care services provider.

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