Research for Action

Dear Blackburn with Darwen 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

Accesstoinformation, Blackburn with Darwen Borough Council

Dear Ludovica,

Thank you for your request for information regarding ‘Loans’ (reference number 04425). Your request was received on the 18/3/2019 and I am dealing with it under the terms of the Freedom of Information Act 2000 and/or Environmental Information Regulations 2004.

In some circumstances a fee may be payable and if that is the case, I 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.

If you have any queries about this request, please contact Information Governance on 01254 585852. Alternatively, our email address is [Blackburn with Darwen Borough Council request email]

Please remember to quote the reference number above in any future communications.

Kind Regards,

Heather Wolstenholme
Information Governance Officer
Email: [email address]
Tel: 01254 585651

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Accesstoinformation, Blackburn with Darwen Borough Council

1 Attachment

Dear Ludovica,

Thank you for your request for information regarding ‘Loans’ (reference number 04425); Please see our response attached and/or below. If you have any queries regarding your request for information then please don’t hesitate to contact us.

One of our existing LOBO loans was restructured, in effect, by Barclays Bank (the original and current counterparty) choosing to waive their right to change the applicable interest rate on the loan in the future. They effectively chose to extinguish the “LOBO” option, so that our loan became a fixed rate loan, at existing/unchanged interest rate and exisiting/unchanged final maturity.

The loan in question was for £5 million, taken out 4 April 2005, maturing 5 April 2055, at 3.75% for the first 5 years and 4.5% thereafter.

No fees were paid to any party in respect of the change of terms, advised by Barclays Bank in June 2016, and there were no other changes to the terms of the loan.

If you are unhappy with the service you have received in relation to your request for information and wish to make a complaint or request a review of our decision, you should write to: Information Governance Manager, Information Governance, Blackburn with Darwen Borough Council, G Floor, Town Hall, Blackburn, Lancashire, BB1 7DY or email [Blackburn with Darwen Borough Council request email]
 
If you are not content with the outcome of your complaint, you may apply directly to the Information Commissioner for a decision. Generally, the ICO cannot make a decision unless you have exhausted the complaints procedure provided by the Council. The Information Commissioner can be contacted at: The Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF. 
 
Please find attached our 'have your say' feedback policy. 

Kind Regards,

Heather Wolstenholme
Information Governance Officer
Email: [email address]
Tel: 01254 585651

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Research for Action

Thank you for the information provided.
Can you also provide a copy of the document that indicates the change in terms to the Barclays loan as requested in point C of my FOI request.
Kind regards,
Ludovica Rogers

Accesstoinformation, Blackburn with Darwen Borough Council

Dear Ludovica,

Thank you for your email regarding your request for information (reference number 04425).

Please accept this email as confirmation that we are liaising with the department responsible for the data, and will contact you shortly regarding the document you have requested.

Kind regards,

Heather Wolstenholme
Information Governance Officer
Email: [email address]
Tel: 01254 585651

show quoted sections

Accesstoinformation, Blackburn with Darwen Borough Council

2 Attachments

Dear Ludovica,

Thank you for your email regarding your request for information (reference number 04425).; Please see our response attached and/or below. If you have any queries regarding your request for information then please don’t hesitate to contact us.

If you are unhappy with the service you have received in relation to your request for information and wish to make a complaint or request a review of our decision, you should write to: Information Governance Manager, Information Governance, Blackburn with Darwen Borough Council, G Floor, Town Hall, Blackburn, Lancashire, BB1 7DY or email [Blackburn with Darwen Borough Council request email]

If you are not content with the outcome of your complaint, you may apply directly to the Information Commissioner for a decision. Generally, the ICO cannot make a decision unless you have exhausted the complaints procedure provided by the Council. The Information Commissioner can be contacted at: The Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF. 
 
Please find attached our 'have your say' feedback policy. 

Kind Regards,

Heather Wolstenholme
Information Governance Officer
Email: [email address]
Tel: 01254 585651

show quoted sections