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PFI/PPP/Municipal Finance

29 July 2010

Financial close for Liverpool Library

Inspire, a joint venture of Amber Infrastructure (80%) and Shepherd Construction (20%), has reached financial close on the £57 million ($87.1 million) Liverpool Library PFI. Funding for the project has been structured with 89.5% senior debt amounting to £51 million, provided by Nationwide Building Society and Helaba and 10.5% equity capital and subordinated debt amounting to £6 million provided by Inspire. Facilities management services have been subcontracted to Cofely. Amber manages International Public Partnerships Limited, the UK-listed PPP fund.

Vila Franca hospital slips

Financial close for the Eu80 million ($102.6 million) Vila Franca de Xira hospital has slipped as banks and sponsors seek advance clearance from the Portuguese Accounts Court.

The stumbling block is that financing conditions for Portuguese banks have deteriorated since the best and final offer stage, so availability payments will need to increase to accommodate higher debt margins....

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