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Doors closing on Metronet |
Metronet, which entered PPP administration on July 18 last year, now faces a put option on its debt becoming exercisable this month. Metronet issued two fixed-rate and two index-linked bonds in 2003, both of which were wrapped – by FSA and Ambac. The total £1.2 billion ($2.45 billion) debt was issued through two finance companies, BCV Finance and SSL Finance.
On January 18, the creditors of these two companies have the right to require London Underground to take on the loans they have outstanding – ie to “put” the loans.
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