Leading Advisors in Project Finance

  • Ealing BSF Programme Achieves Refinancing

    25 September 2019

    On August 7, 2019, Amber successfully raised £23m to refinance part of the existing senior debt for the first phase of the Ealing BSF programme.

    The PPP project involves rebuilding and refurbishing two schools in the borough of Ealing: Dormers Wells High School and The Cardinal Wiseman School.

    The refinancing debt was raised through current lender Nord/LB and the proceeds were used to exit Dexia’s exposure to the project. Nord/LB as an existing and current lender will receive their final repayment in September 2037 with the project concession finishing in March 2038. Financial close was reached in 2010, in which Operis performed a financial model audit.

    Following this, Operis was pleased to carry out a review of an operating financial model, including a review of the model’s tax and accounting treatments.

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