Operis is pleased to have supported Equitix in refinancing the Knowsley and Southampton street lighting projects.
The Knowsley and Southampton street lighting projects reached financial close in 2011 and 2009, respectively. They both encompassed the design, build, finance and operation of street lighting columns, traffic bollards and signs across the Liverpool borough of Knowsley and Southampton.
In June 2022, Equitix successfully raised a total of £60m to refinance the senior debt facilities for each project.
Operis were pleased to provide tax and accounting advice in respect of the refinancing, advising on various matters, including:
- the accounting implications of refinancing and the impact of non-substantial and substantial modifications;
- the tax implication of the unallowable purpose rules;
- the tax implication of the interest deductibility rules with consideration for the public-benefit exemption.
A separate and independent team at Operis also supported Equitix in providing model audit services for this transaction.
Assignment manager Michael Jarman said, “the team really came together and worked hard on this one, and I’m pleased that we could continue our strong relationship with supporting Equitix in their refinancing transactions”.
Operis has previously provided Equitix with accounting and tax advice on Barnsley BSF I refinancing. It also acted as financial advisor for CNDR and Coventry Street Lighting refinancings.