PIC Refinances £50m Loan For University of Bath

Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds, has invested £50 million in debt issued by the University of Bath (‘Bath’). The funds will be used to refinance an existing loan, allowing Bath to focus on the quality of education provision, developing their world-leading research, and the overall student experience. PIC secured the total debt issuance ahead of other investors, on the strength of its ability to provide a 50-year maturity.

Bath is ranked in the top 10 universities in the UK and 179th in the 2021 QS World University Rankings. The University consistently ranks highly with student satisfaction scores. It ranked 4th in the UK, based on the most recent National Student Survey, when comparing Guardian University Guide institutions, with a satisfaction rate of 86%. As at 1 December 2021 it had a total of 19,926 students.

The University self-arranged the transaction and was advised by EY Capital & Debt Advisory. Greenberg Traurig provided legal advice to the investors while Mills & Reeve provided legal advice to the University.

About alastair walker 12548 Articles
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