Stirling Schools PFI reached financial close today in Edinburgh.
Operis provided financial due diligence advice to the funders Royal Bank of Scotland and consortium Stirling Gateway. The latter, advised by Grant Thornton, consisted of the Quayle Munro quoted fund, The PFI Infrastructure Company plc, and contractors Ogilvie Construction and A&L King.
Capex for the project is £102 million which is earmarked for the replacement of St Mary’s RC Primary and Raploch Primary Schools, together with the refurbishment of Dunblane, McLaren, Stirling High, St Modans and Wallace High Schools. The authority is providing a contribution of £36 million, which is being bridged to completion by RBS. The main senior debt tranche of around £70 million is provided under standard terms.
