The first stage of the Wolverhampton Building Schools for the Future (BSF) scheme reached financial close on 30 April 2010. Carillion Private Finance and Building Schools for the Future Investments (BSFI) are working together with Wolverhampton City Council to deliver the project involving approximately £45 million in capital cost and the construction of two schools over an expected 28 months construction period. The entire Wolverhampton BSF programme is worth approximately £370 million and is expected to deliver 26 schools over the next 4 years.
The two schools, Highfields and Pennfields, will be privately financed by bank debt and equity. Barclay’s and the Royal Bank of Scotland (RBS) will each provide half of the £50 million of senior debt finance. As well as constructing the new schools, Carillion will also be providing facilities management services for the two schools, worth approximately £35 million in nominal value over the 25-year operations period.
Operis provided financial modelling services to Carillion Private Finance.
