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Treasury granted Northampton multiple covenant waivers

Image: FemmeIncomprise [CC BY-SA 4.0], via Wikimedia Commons

Accounts show University of Northampton missed OfS deadline for submitting financial statements

The UK Treasury granted the University of Northampton waivers for any potential breaches of covenants related to a multimillion-pound public bond used to finance its new campus in recent financial years, the university’s accounts have shown.

The development of the institution’s Waterside Campus (pictured), which opened to students in 2018, was financed by a public bond issue of £231.5 million alongside loans from the local county and borough councils. As part of this financing, a government guarantee on the borrowing was obtained under the UK Guarantees Scheme.

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