Wave 3 of the UK Government’s BSF programme includes the development of nine schools in the Barnsley region of South Yorkshire. This specific BSF project represents the first of three phases of Wave 3 and involves the construction of three schools.
The completion of construction is scheduled for April 2011, followed by an additional 25 years of operations.
The £78m senior debt financing is provided by Nationwide Building Society, Nord/LB Bank and European Investment Bank. An additional £9m equity bridging facility will cover the construction period.
Operis was engaged to provide financial model auditing services and a full tax and accounting review on behalf of the funders and sponsors.
