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The refinancing of the SEK 15 billion (€1.3 billlion) New Karolinska Solna PPP project on 1 June 2018 (originally signed June 2010) on behalf of clients Skanska and Innisfree.

The ten bank international senior debt syndicate was reduced to six banks, being European Investment Bank, Nordic Investment Bank, SEB, Handelsbanken, Nordea and KfW.

The refinancing was negotiated and executed in just five months which is very fast for a transaction of this complexity.

Benefits to the client
The shareholders, Skanska and Innisfree, benefit from an enhanced yield on their investment and relationship benefits in assisting Stockholm County Council significantly reducing their ongoing service payments.

Newbridge role
Newbridge advised the shareholders, Skanska and Innisfree, assisting in competing refinancing options, negotiating with existing and potential new funders, assisting in documentation and managing the financial close process, including coordinating the resetting of the interest rate swaps.

Project leads

Matthew Houseley

Partner

Richard Dodson

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.