The Knowsley BSF PFI project achieved financial close on 13 December 2007. The project aims to replace existing secondary schools in the English metropolitan borough of Knowsley, Merseyside, with seven state-of-the-art learning centres.
Balfour Beatty is sole shareholder in the deal. All construction and maintenance work will be carried out by Balfour Beatty and its subsidiaries. Royal Bank of Canada (RBC) provided total facilities of approximately £200m. The financing structure had been altered from a FGIC-wrapped bond option in order to provide better value for the public sector. RBC also acted as financial advisors to Balfour Beatty.
Operis audited the financial model on behalf of the lenders and the sponsors.