On June 18, 2019, Equitix successfully raised £54m to refinance part of the existing senior debt for Phase 3 of the Barnsley BSF programme.
The PPP project was part of a three-phase £1bn programme to replace all 13 of the borough’s secondary schools estate, with nine new Advanced Learning Centres, combined with the improvement of the special school estate.
The refinancing debt was raised through current lender Nord/LB and the proceeds were used to exit Nationwide’s exposure to the project. Nord/LB, along with the EIB as an existing lender, will receive their final repayment in September 2036 with the project concession finishing in September 2037.
Barnsley Metropolitan Borough Council was the procuring authority on the three BSF projects which reached financial closes between 2009 and 2010.
Operis was pleased to perform an audit of the financial model illustrating the refinancing for Phase 3 of the Barnsley BSF programme, which included a review of the tax and accounting treatments. In addition, a separate Operis team provided tax and accounting advice in respect of the refinancing.
