On December 21, 2017, Equitix successfully raised £43m to refinance part of the existing senior debt for Phase 1 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, along with the EIB as an existing lender, will expect their final repayment in April 2035 with the project finishing in April 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 I program which included a review of the tax and accounting treatments. In addition, a separate Operis team provided tax and accounting advice in respect of the refinancing.

CONTACT US

Please get in touch with either of our regional offices.

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Carmen Wade
Financial Advisory, Head of North America

+1 647 243 3840

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Jun Tao
Global Head of Model Audit & Financial Modelling

+44 207 562 0428

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Mark Southall
Associate Director - Model Audit & Financial Modelling

+1 647 846 7384

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Operis Europe

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+44 207 562 0400
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Operis North America

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+1 647 846 7382
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CONTACT US

Discuss your requirements with us

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Chris Aldred
Director

+44 207 562 0433

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