Restructuring of LOBO loans

Response to this request is long overdue. By law, under all circumstances, Luton Borough Council should have responded by now (details). You can complain by requesting an internal review.

Research for Action

Dear Luton 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

LBC Feedback, Luton Borough Council

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Research for Action

Dear FOI officer,
I am unable to open the document attached. Could you please provide a different type of format.
Kind regards,
Ludovica Rogers

LBC Feedback, Luton Borough Council

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    Copy of FOI LBC Restructured and refinanced LOBO s since 2015 breakdown 2.xlsx

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Dear sir or madam,

Further to your request for information of information  we confirm we do
hold some of the information requested. Please see our response below.

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. Three

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): - details included in attached spreadsheet unless indicated
below

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  - not provided (commercially sensitive)

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) – not applicable

13. Name of any third-party advisor used for the restructuring/refinancing
- not provided (commercially sensitive)

14. Fee paid to the advisor for the restructuring/refinancing - not
provided (commercially sensitive)

15. Name of broker who arranged the restructuring/refinancing - not
applicable

16. Fee paid to the broker for the restructuring/refinancing - not
applicable

 

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Yours sincerely,

Information Governance Team

Luton Borough Council

Town Hall, George Street, Luton LU1 2BQ

Email: [5][Luton Borough Council request email]

_____________________________________________
From: Research for Action
[[6]mailto:[FOI #562608 email]]
Sent: 18 March 2019 14:28
To: LBC Feedback
Subject: Freedom of Information request - Restructuring of LOBO loans

Dear Luton 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

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Research for Action

Dear Luton Borough Council,
Thank you for providing the information in a legible format.
However, the following information requested in my FOI request is still missing:

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

Please can you respond to this as soon as possible.

Kind regards,

Ludovica Rogers