The refinancing of the Carlisle Northern Development Route (CNDR) DBFO project in the United Kingdom reached financial close on 19 December 2018.
The refinancing involved the drawdown of approximately £89m of senior debt, provided by Nord, in order to repay the existing senior debt which was originally provided by Barclays, NAB, and SMBC in 2009. As part of the transaction, the project’s interest rate swaps were restructured. The benefit of the refinancing will be shared between shareholders and the procuring authority, Cumbria County Council.
Operis is pleased to have acted as financial advisor to the project company, Connect CNDR Limited.