Restructuring of LOBO loans

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

Research for Action

Dear Redbridge 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

London Borough of Redbridge, Redbridge Borough Council

Information request
Our reference: 5034467
Your reference: [FOI #562651 email]

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London Borough of Redbridge, Redbridge Borough Council

2 Attachments

Information request
Our reference: 5034467
Your reference: [FOI #562651 email]

show quoted sections

Research for Action

Dear London Borough of Redbridge,
Thank you for the response to my FOI request.
Could you kindly provide the documents requested in point C of my request, specifically:
- the deed poll for the Barclays loans
- the document indicating the termination of the contract for the RBS loan
Kind regards,
Ludovica Rogers