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USAF bonds

On 17 June 2013, Unite (USAF) II plc issued £380,000,000 3.374% commercial mortgage-backed notes due 30 June 2023 and followed this on 19 November 2013 by issuing £185,000,000 3.921% commercial mortgage-backed notes due 30 June 2025 pursuant to a note trust deed between Capita Trust Company Limited and Unite (USAF) II plc (as issuer).

In 2016, a further £125,000,000 3.921% commercial mortgage-backed notes due 30 June 2025 were issued, resulting in a total of £310,000,000 commercial mortgage-backed notes due 30 June 2025.

In 2019, a further £85,000,000 3.921% commercial mortgage-backed notes due 30 June 2025 were issued, resulting in a total of £395,000,000 commercial mortgage-backed notes due 30 June 2025.

The terms and conditions of the bonds are identical, other than the interest rate and date of maturity.

The notes constitute direct, secured, unsubordinated and unconditional obligations on the issuer, and rank equally without preference or priority among themselves.

The interest rate applicable to the bonds is 3.374% per annum, payable quarterly in arrears on the 31 March, 30 June, 30 September and 31 December until the due date for redemption.

The notes, the agency agreement and the note trust deed are governed by English law.