The consortium formed by Equitix, INPP, Barnsley Council, and the Barnsley LEP has announced the refinancing of an education PFI assets situated within the Metropolitan Borough of Barnsley, South Yorkshire (UK).
The Barnsley BSF Phase 2 PFI project comprised the design, build and partial operation of the Shafton Advanced Learning Centre, and Springwell Community Special School. The project was signed in April 2010. A total amount of £217 million was spent transforming these educational facilities as part of the £1billion investment by Barnsley Council, Building Schools for the Future Investments (BSFI).
Senior debt funding was provided on an equal basis by Nord LB and Nationwide Building Society.
The refinancing involved Nord increasing its commitment to 100% of the senior funding requirement whilst also reducing margins significantly from their original levels. The Council benefited from the refinancing via an ongoing reduction to its Unitary Charge.
DWPF acted as financial advisor to the Barnsley SPV Two Ltd, the project company.
Barnsley’s Building Schools for the Future (BSF) programme represents the largest ever capital investment in the borough and is unique across the country as it involved the replacement of all of the Borough’s secondary schools estate with 9 new build Advanced Learning Centres, combined with the considerably improved special school estate and the provision of an integrated managed ICT service.
The three BSFs were procured in phased stages (I, II & III), with 7 PFI schools delivered across the three phases between July 2009 and October 2010.