On February 24 2017, sponsor Uliving issued £98.2m of index-linked guaranteed secured bonds, due August 2058, to refinance its student accommodation project at the University of Essex’s Colchester campus. The proceeds of the issue will be used to repay the existing senior debt facility from Aviva and pay other costs. Ratings agency Standard & Poor’s has given a standalone A rating to the bond issuance, which is increased to AA as a result of the guarantees provided by Assured Guaranty.
Operis was pleased to act as financial advisor to Uliving; a role which included the development of the financing structure for the refinanced project and the development of the transaction financial model.
The project to deliver 648 new student units and refurbish 766 existing units at the Meadows and the Quays sites located on the campus of the University of Essex originally reached financial close in August 2012 and is now fully operational.
