Restructuring of LOBO loans

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Research for Action

Dear Barnsley 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

Information Requests, Barnsley Metropolitan Borough Council

Good morning Ludovica,

Ref: FOIA3682

Re: Request for Information – Freedom of Information Act 2000

Thank you for your request for information about the number of LOBO loans the council has restructured.

Your email request was received on 18 March 2019 and I am dealing with it under the terms of the Freedom of Information Act 2000.

Your request will be processed as soon as possible, and we will try to provide the information within 20 working days as required. The deadline date when the information should be available to you is 15 April 2019.

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

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

Thank you

Cathryn Copley
Customer Feedback & Improvement Officer
Business Improvement & Communications
Core Services Directorate
Westgate Plaza One
Barnsley MBC
C/O Corporate Mail Room
PO Box 634
Barnsley
S70 9GG

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Information Requests, Barnsley Metropolitan Borough Council

2 Attachments

Good afternoon Ludovica,
Please find attached the results of my findings for your FOI request.
I apologise for the delay in sending you this information.
Thank you

Cathryn Copley
Customer Feedback, Information & Improvement Officer
Business Improvement & Communications
Core Services Directorate
Westgate Plaza One
Barnsley MBC
C/O Corporate Mail Room
PO Box 634
Barnsley
S70 9GG

show quoted sections