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Student Finance plc (2.6663 Sep 2029): 09 March 2017


The primary source of funds for the payment of principal, interest and other amounts by the issuer on the Notes will be the right to receive interest and principal repayments and fees payable under the loan made by the issuer to GL Europe RE Holdings S.à r.l. on the Closing Date, and the further loans to be made by the issuer to the borrower on the dates of the issue of any Further Notes, Replacement Notes or New Notes after the Closing Date.

The primary source of funds for payment of principal, interest and fees by the Propcos on or for the advance of the Intra-Group Loans will be the Propcos' right to receive rental payments from time to time in respect of a portfolio of student accommodation properties.

GL Europe RE Holdings S.à r.l is a private limited liability company established under the laws of Luxembourg. The Borrower indirectly owns the Propcos and is wholly owned by the Borrower Holdco. Each Propco is a wholly owned indirect subsidiary of the Borrower and was established for the principal purpose of owning the relevant Properties.

As at the Closing Date, there will be 13 properties located in five towns and cities in England and Wales. The Properties consist of buildings and adjacent land which have been built or redeveloped for the purposes of providing accommodation to university students and students in higher education. Each Management Company leases a Property from the relevant Propco pursuant to the Management Company Leases. The Management Companies in turn grant short-term tenancies, predominantly to students, pursuant to a lease, licence, tenancy or other occupational agreement.

CRR 405: The issuer is of the opinion that the EU risk retention and due diligence requirements do not apply to the Notes and reference to the "Risk factors" section of the Prospectus is indicated for further information on the EU risk retention and due diligence requirements and certain related considerations.

Compare/contrast: Campus Living Villages (Goldsmiths) Plc, Uliving @ Essex Issuerco