Research for Action

Dear Scarborough 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

FOI, Scarborough Borough Council

Dear Ludovica

 

Email Address: [FOI #562663 email]

FOI Request Reference: FOIA6512 - LOBO Loans

Thank you for your written communication of 18/03/2019

Your request has been referred to the responsible officer and a response
should be made within the statutory timeframe of 20 working days from the
date of receipt.

In some circumstances a fee may be payable and if that is the case, we
will let you know. A fees notice will be issued to you, and you will be
required to pay before we will proceed to deal with your request.

Please ensure that any further communication in relation to this matter is
sent by you to the Freedom of Information Officer at the below address
quoting the reference FOIA6512 in all communications.

Yours sincerely,

Freedom of Information Officer

 

Freedom of Information Officer

Legal and Democratic Services

Scarborough Borough Council

e:  [1][Scarborough Borough Council request email]

t: 01723 232323

f: 0870 2384159

w:  [2]www.scarborough.gov.uk

 

 

 

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References

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Martin Pedley, Scarborough Borough Council

1 Attachment

Dear Ludovica Rogers

I refer to you recent Freedom of Information request, referenced FOI6512,
and attach the response.

Regards

 

Martin Pedley

Whitby Piers Coast Protection Scheme

[1]European Union European Structural and Investment Funds

Supported by the 2014 to 2020 European Structural and Investment Funds Growth Programme

DISCLAIMER
This email (and any files transmitted with it) may contain confidential or privileged information and is intended for the addressee only. If you are not the intended recipient, please be aware that any disclosure, copying, distribution or any action taken is prohibited and may be unlawful - you should therefore return the email to the sender and delete it from your system.
For information about how we process data please see our Privacy Notice at [2]www.scarborough.gov.uk/gdpr
Any opinions expressed are those of the author of the email, and do not necessarily reflect those of Scarborough Borough Council.
Please note: Incoming and outgoing email messages are routinely monitored for compliance with our policy on the use of electronic communications.
This email has been checked for the presence of computer viruses, but please rely on your own virus-checking procedures.

References

Visible links
2. http://www.scarborough.gov.uk/gdpr

Research for Action

Dear Martin Pedley,
Thank you for the information you provided.
Can you please confirm that the change of terms to the Barclays loan was dealt with directly with the bank and that no brokers or advisors were involved.
Can you also please provide a copy of the official document that indicates the change of terms to the loan as requested in point C.
Kind regards,
Ludovica Rogers

Research for Action

Dear Martin Pedley,
Could you please respond to my follow up email asking clarifications with regards to my FOI with reference number FOIA6512.
Kind regards,
Ludovica Rogers

Martin Pedley, Scarborough Borough Council

Dear Ludovica Rogers
Further to your Email I can confirm:
1. The change in terms was direct between the Council and Barclays.
2. The document that you request is commercially sensitive.
Martin Pedley

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