Operis provided model audit and other financial due diligence services to Balfour Beatty, Innisfree, Dexia, and Royal Bank of Canada for the project financing of the Birmingham Schools PPP2 project, a 30 year concession to provide a total of 12 new and refurbished schools, including two secondary schools, nine primary schools and one early years centre.
Dexia and Royal Bank of Canada are acting as joint mandated underwriters for the £90m scheme. This includes a £81m senior debt and an equity bridge of £8m. The swap price was 4.45%
Transform Schools, a Balfour Beatty and Innisfree partnership, is investing £4m of equity. Construction works will be carried out by Balfour Beatty Construction and Balfour Kilpatrick. Facilities management work will be carried out by Haden Building Management. Transform Schools were advised by Macquarie and McGrigors. Birmingham City Council were advised by Deloitte and Pinsent Masons.