Refinancing of the M25 widening PFI in the United Kingdom reached financial close in July 2018.

This is the largest infrastructure refinancing in the UK since 2015 and involved the drawdown of approximately £893m, in order to repay a portion of the existing senior debt and breakage costs for the terminated interest rate swaps. As part of the transaction, the RPI swap was also restructured.

The benefit of the refinancing will be shared between shareholders and the procuring authority, Highways England.

Operis is pleased to have acted as model auditors to the project company, Connect Plus. This continues Operis’s recent work with Connect Plus and Balfour Beatty following the work we’ve done together at the original 2009 financial close, the 2013 variation, and on the operating model

CONTACT US

Please get in touch with either of our regional offices.

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Carmen Wade
Financial Advisory, Head of North America

+1 647 243 3840

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Jun Tao
Global Head of Model Audit & Financial Modelling

+44 207 562 0428

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Mark Southall
Associate Director - Model Audit & Financial Modelling

+1 647 846 7384

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Philip Allen
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Operis Europe

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+44 207 562 0400
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Operis North America

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+1 647 846 7382
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CONTACT US

Discuss your requirements with us

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Chris Aldred
Director

+44 207 562 0433

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