XLCA-U.K. swam deeper into U.K. PFI waters last week, wrapping its first hospital deal - the GBP313 million ($574 million) Newcastle Hospital PFI. Sources at the company said that XLCA-U.K. will maintain its focus on the U.K. PFI market while also fielding new opportunities throughout continental Europe.
XLCA-U.K.'s guaranty provides triple-A coverage on a GBP198 million bond issue and a GBP115 million European Investment Bank loan. Proceeds from the bond issue will be used to replace old infrastructure scheduled for completion in May 2013. The project has a debt leverage of 92% with a minimum 1.21 times debt service coverage ratio.