| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for MBIA Assurance SA > News item |
Coventry and Rugby Hospital: default exists on index-linked bonds
Chicago, Jan. 30 – Hard service provider Vinci Construction Ltd. reported a default on bonds that list Coventry and Rugby Hospital Co. plc as issuer, according to an announcement.
The default notice relates to the £407.239 million of 3.246% index-linked guaranteed secured bonds due June 30, 2040, inclusive of £35 million variation bonds (ISIN: XSO159152189).
The bonds are guaranteed by MBIA Assurance SA, or successor Assured Guaranty UK Ltd.
Vinci notes that sufficient service failure points have accrued over the six-month period from July 2022 to December 2022, in respect of the service provided to University Hospital Coventry and Warwickshire NHS Trust.
There has been an event of default under the collateral deed.
The trust has made deductions for these failures.
In addition to deductions withheld by the Coventry and Warwickshire Partnership Trust, cumulative deductions for the contract year amount to 80% of the total hard servicer provider liability cap.
This is also an event of hard services provider default under the hard services contract.
Coventry and Rugby is a U.K.-based health care services provider.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.