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The refinancing of Victoria Hospital, Kirkaldy, Fife Hospital PFI to achieve a lower overall cost of funding, reducing the ongoing service payments from NHS Fife while also increasing yields for the shareholders.  This included replacing eight banks with one index linked loan from Aviva, at the same time as breaking the associated interest rate and inflation swaps.

Benefits to the client
The 100% shareholder, Semperian, benefits from an enhanced yield on their investment and relationship benefits in assisting NHS Fife reducing their ongoing service payments.

Newbridge role
Newbridge as financial advisor led the refinancing process, structuring the options and competing them to ensure best value was achieved. Then led the documentation process and managed the closing process, managing the swap break process, synchronising it with the rate setting process.

Project leads

Matthew Houseley

Partner

Paul Woodcock

Partner

Insights

Newbridge’s Partner for Regeneration and Development, will be co-chairing a panel at UKREiiF in Leeds to explore what has been accomplished so far at Meridian Water in Enfield.

Newbridge’s Regeneration and Development Team is advising Enfield Council on the procurement of a development partner to deliver up to 600 new homes at Meridian 13.

Newbridge chaired a roundtable between housing associations and three leading funders to explore the potential positive impact of SLLs in the social housing sector.