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| “European Project Bond Deal of the Year: 2013” |
| Salford Pendleton Housing Plc recognised as
“European Project Bond Deal of the Year: 2013” |
Project Finance Magazine has named Salford Pendleton Housing Plc as European
project bond of the year in its “Deals of the year- Europe 2013” review. U.S. Bank
Global Corporate Trust Services is proud to act as Trustee, Paying Agent, Account
Bank and Cash Manager for the transaction. |
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The 30 year £95.1 million PFI contract involves the building, financing and
maintenance contract of 1,270 existing houses and flats on the Pendleton Estate,
Greater Manchester which are due for completion by early 2017. |
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Pendleton’s debt financing includes £71.71 million of class A senior bonds and £10.891
million of class B subordinated bonds taken up by two institutional lenders (Pension
Insurance Corporation and Gravis Capital Partners respectively). In the absence of a
controlling creditor Pendleton uses a managing and monitoring agent to assist with
compliance, reporting, oversight and to make recommendations to investors. |
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“It’s great to be involved on an award winning deal of this nature,” said Michael
Whelan, Head of Relationship Management for U.S. Bank Global Corporate Trust
Services. “As banks continue to constrain lending we see evidence of a growing
number of infrastructure deals being financed through the capital market.” |
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The relationship management team at U.S. Bank Global Corporate Trust Services has
a wealth of experience working on project bonds of this nature including UPP, Campus
Living Villages and several other such deals, all of which involve a monitoring agent. The
U.S. Bank structured finance team has also worked on a number of solar financing
deals involving the securitisation of government feed-in tariffs including the first public
UK solar deal – Solar Financing 2012-1. |
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Interested in learning more about project bond transactions through U.S. Bank Global
Corporate Trust Services? Contact one members of our team today or visit us online
at:
usbank.com/corporatetrust
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