Barnsley BSF – Phase One Senior Debt Refinancing
Nord & EIB funding
20th December 2017
DWPF acted as financial advisor to the Barnsley SPV One Ltd, the project company owned by Equitix, INPP, Barnsley Council, and the Barnsley LEP, on the refinancing of senior debt in this PFI project. Financial close was reached on 20 December 2017.
The concession, signed in July 2009, comprised the new build of Darton College, the Kirk Balk Academy, and Penistone Grammer School, with the original funding requirement of c.£90m satisfied by the European Investment Bank (EIB), Nord LB and Nationwide.
The refinancing involved the project company taking advantage of reduced senior debt margins, whilst also increasing gearing. Nord increased its term commitment to c.£43.2m, 100% of the commercial bank financing, with Nationwide exiting the transaction. Nord also provided a Debt Service Reserve Facility (DSRF). The EIB remains as a lender to the project company.
The refinancing of Phase One follows on from the successful refinancing of the second phase of the BSF in April 2017, on which DWPF also provided financial advice to the sponsors.