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.