The first batch of the new Priority Schools Building Programme (PSBP) reached financial close on March 10, 2015.

The North-East batch was won by a consortium comprising Galliford Try and HICL which will see 12 schools rebuilt at a capital cost of around £106 million. The UK Treasury will also be investing equity in the project.

Debt for this batch was provided by the Aggregator Vehicle, a company set up by Amber Infrastructure with the sole purpose of lending to each of the five PSPB projects. The Aggregator Vehicle itself is funded by a combination of senior debt from EIB and Aviva and mezzanine debt provided by INPP.

On behalf of the winning consortium, Operis were pleased to undertake an audit of the financial model at Financial Close. Moving forwards, Operis will continue to be heavily involved with the remaining four PSBP batches in providing a combination of financial advisory and model auditing services.

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