Restructuring of LOBO loans

Research for Action made this Freedom of Information request to Wirral Metropolitan Borough Council as part of a batch sent to 219 authorities This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was successful.

Research for Action

Dear Wirral Metropolitan Borough Council,

A. How many LOBO loans (number of loans and total principal) has the council restructured, refinanced or for which the terms of the contracts have changed since 2015.

B. For such loans please provide a spreadsheet with the following information (a row for each loan and each parameter listed in a separate column):
1. Internal reference number
2. Principal of the original LOBO loan
3. Initial counter-party of the original LOBO loan
4. Drawdown date of the original LOBO loan
5. Maturity date of the original LOBO loan
6. Date when the LOBO loan was restructured/refinanced
7. Breakage cost or fee paid to the counter-party for the refinancing/restructuring
8. How was the loan restructured/refinanced? (i.e. loan was transformed into fixed rate loan by removing the option, or loan was repaid with a new bank loan, or with a PWLB loan, or other - please specify)
9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
10. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
11. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
12. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
13. Name of any third-party advisor used for the restructuring/refinancing
14. Fee paid to the advisor for the restructuring/refinancing
15. Name of broker who arranged the restructuring/refinancing
16. Fee paid to the broker for the restructuring/refinancing

C. Please provide copies of new contracts and any other official documents related to the restructuring/refinancing

D. Please provide invoices for the broker fees for the restructuring/refinancing

Yours faithfully,

Ludovica Rogers

Dalton, Chelsea, Wirral Metropolitan Borough Council

2 Attachments

Dear Ms Rogers,

 

Thank you for your recently submitted FOI request, made under the Freedom
of Information Act, regarding LOBO loans.

 

Please find attached our responses.

 

I trust this fulfils your enquiry.

 

Wirral Council would like to thank you for your patience.

 

Yours sincerely,

 

Chelsea Dalton

Information Management Officer

Business Management

Treasury Building

Argyle Street

Birkenhead

Wirral

CH41 1AH

Tel: 0151 666 5201

[1][Wirral Borough Council request email]

 

PLEASE FORWARD ALL FOI RESPONSES TO [2][Wirral Borough Council request email]

 

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2. mailto:[Wirral Borough Council request email]

Research for Action

Dear Wirral Council,
Thank you for the response to my FOI request.
Could you kindly provide also the document indicating the termination of the Barclays loan as indicated in point C of my request.
Kind regards,
Ludovica Rogers

Dalton, Chelsea, Wirral Metropolitan Borough Council

I am currently out of the office until Wednesday 15th May. If your enquiry
is urgent, please do not hesitate to get in touch with the rest of my
team.

 

The freedom of Information Team: [Wirral Borough Council request email]

 

I will contact you upon my return.

 

Many Thanks,

 

Chelsea Dalton

Information Management Officer

This email and any files transmitted with it are confidential and intended
solely for the use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the system manager.

Dalton, Chelsea, Wirral Metropolitan Borough Council

1 Attachment

Dear Ludovica,

 

Thank you for recent follow up request, where you asked: “Could you kindly
provide also the document indicating the termination of the Barclays loan
as indicated in point C of my request”.

 

The document you requested, is attached above.

 

I trust this will assist you with your enquiries.

 

Your request will now be closed. Thank you for your patience.

 

Yours sincerely,

 

Chelsea Dalton

Information Management Officer

Business Management

Treasury Building

Argyle Street

Birkenhead

Wirral

CH41 1AH

Tel: 0151 666 5201

[1][Wirral Borough Council request email]

 

PLEASE FORWARD ALL FOI RESPONSES TO [2][Wirral Borough Council request email]

 

This email and any files transmitted with it are confidential and intended
solely for the use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the system manager.

References

Visible links
1. mailto:[Wirral Borough Council request email]
2. mailto:[Wirral Borough Council request email]

T Harrison left an annotation ()

I'm sure the witness to the deed would not expect her name and address to be disclosed. Reported for admin attention