LOBO loan restructuring

The request was successful.

Dear Northumberland County Council,

How much of your LOBO debt has been repaid and refinanced with PWLB debt?

Please list the LOBO loans that have been refinanced by counterparty, notional amount, original maturity and date of restructuring. Please disclose the break cost paid to the counterparty and the discount rate used in the valuation. Please disclose any additional PWLB borrowing undertaken to finance the restructuring including the maturities and coupon rates of new PWLB loans. Please disclose the name of any third-party adviser used on the restructuring.

Yours faithfully,

N Dunbar

Northumberland County Council

1 Attachment

Our Ref: 5550  

Dear Enquirer,

INFORMATION REQUEST

Thank you for your request for information which will be dealt with under
the terms of the Freedom of Information Act 2000.

In some circumstances a fee may be payable and if that is the case, we
will let you know the likely charges before proceeding.

If you have any queries about this matter please contact us. Please
remember to quote the reference number above in any future communications.

Kind regards

Information Governance Office
Northumberland County Council
County Hall
Morpeth
Northumberland
NE61 2EF

Tel: 0345 600 6400
Email: [Northumberland County Council request email]
Web: http://www.northumberland.gov.uk

Northumberland County Council

1 Attachment

Our Ref: 5550   

Dear Enquirer,

FREEDOM OF INFORMATION ACT REQUEST 

I refer to your Freedom of Information request in relation to LOBO loan
restructuring.

Right of Access 

Section 1(1) of the Act provides any person making a request for
information to a public authority is entitled. 

(a) to be informed in writing by the public authority whether it holds
information of the description specified in the request (which Section
1(6) of the Act designates as the "duty to confirm or deny"), and 

(b) if that is the case, to have that information communicated to him. 

The right is to obtain access to the information itself and not to the
document or record which contains it. 

The Act creates a general right of access to information held by public
authorities subject to various exemptions. 

Northumberland County Council confirms that it holds the information you
have requested, please see the following information in response. 

How much of your LOBO debt has been repaid and refinanced with PWLB debt?
Please list the LOBO loans that have been refinanced by counterparty,
notional amount, original maturity and date of restructuring. Please
disclose the break cost paid to the counterparty and the discount rate
used in the valuation. Please disclose any additional PWLB borrowing
undertaken to finance the restructuring including the maturities and
coupon rates of new PWLB loans. Please disclose the name of any
third-party adviser used on the restructuring.
Details of the LOBO loans repaid over the last two financial years are
summarised below:

LOBO REPAYMENTS
Counterparty / Lender Royal Bank of Scotland Siemens
Amount £15,000,000 £18,000,000
Original maturity date 17/07/2078 08/09/2031
Date of repayment 21/09/2018 10/12/2018
Premium incurred £5,489,380 £235,295
Effective discount rate 2.93% ~ 2.91%
PWLB Refinancing N/A N/A

The loans themselves have not yet been permanently refinanced, and have
instead been repaid by cash and temporary borrowing. 
Link Assets Services were used on both repayments.

Complaints 

If you are unhappy with the way your request for information has been
handled, you can request an internal review by writing within 2 months
from the date of this response to the Information Governance Office: 

Information Governance Office
Northumberland County Council
County Hall
Morpeth
NE61 2EF 

Email: [1][Northumberland County Council request email] 

Information Commissioner 

If you remain dissatisfied with the handling of your request, you have a
right by Section 50 of the Act to apply to the Information Commissioner
for a decision as to whether your request has been dealt with in
accordance with the requirements of the Act at: 

The Information Commissioner's Office
Wycliffe House
Water Lane
Wilmslow
Cheshire 
SK9 5AF 

Tel: 01625 545 745
Email: [2][email address

There is no charge for making an appeal. 

Yours sincerely 

FOI Coordinator 
Information Governance Office
Northumberland County Council
County Hall
Morpeth
Northumberland
NE61 2EF

Tel: 0345 600 6400
Email: [3][Northumberland County Council request email] 
Web: [4]http://www.northumberland.gov.uk 

References

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