Leading Advisors in Project Finance

  • M25 Refinancing Reaches Financial Close

    31 July 2018

    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


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