Portfolio case study

GCP Cardale PFI Limited

The Company’s largest single loan exposure is to a subordinated loan secured against operational healthcare and accommodation PFI projects including healthcare facilities, primary and secondary schools, accommodation for adults with learning difficulties, leisure centres, policing facilities and a court building. The projects are in receipt of 25 to 30-year cash flows (the unitary charge) payable by an NHS Trust or a local authority under a PFI contract.