Leading Advisors in Project Finance

  • Barnsley BSF II Refinancing Reaches Financial Close

    19 April 2017

    On April, 6th, 2017, Equitix successfully raised £52m to refinance half of the existing senior debt in phase 2 of the Barnsley BSF Programme. The PPP project was part of a three phase £1bn programme to replace all 13 of the borough’s secondary schools estate with 9 new build Advanced Learning Centres, combined with the improvement of the special school estate. The refinancing debt was raised through current lender Nord/LB and the proceeds were used to exit Nationwide’s exposure to the project. Nord/LB, now the sole lender, will expect their final repayment in June 2036 with the project finishing in December 2036.

    Barnsley Metropolitan Borough Council acted as the procuring authority on the 3 BSF projects which reached financial closes between 2009 and 2010.

    Operis were pleased to perform an audit of the financial model illustrating the refinancing of the BSF II program which included a review of the tax and accounting treatments

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