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Restructuring of LOBO loans

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Research for Action

Dear Staffordshire County 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

Staffordshire County Council

Dear Ludovica Rogers,
 
Thank you for your request for information received by Staffordshire
County Council on 18/03/2019.
Your request is being dealt with under the terms of the Freedom of
Information Act 2000 and will be answered within twenty working days.
 
If you have any queries about this request do not hesitate to contact me.
Please remember to quote the case reference number above in any future
communications.
Yours sincerely,
Access Team
Information Governance Unit

Portch, David (Corporate), Staffordshire County Council

1 Attachment

Dear Ludovica Rogers

Thank you for your request for information.

Please find information provided by the relevant service area(s) attached.

If you have any comments relating to how your request has been handled by our authority you should contact us in the first instance.  Send your comment or complaint to:

Access Manager, Information Governance Unit, Staffordshire County Council, 1 Staffordshire Place, Stafford ST16 2DH or email [email address]

If you then have any further comments relating to how your request has been handled by our authority, please contact the Information Commissioner, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.

Regards
  
David Portch

Information Governance Unit
Staffordshire County Council
1 Staffordshire Place
Stafford
ST16 2DH

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Research for Action

Dear Staffordshire County Council,
Thank you for the response to my request. Hover some information is still missing.
Could you please confirm that no brokers or advisors were involved in the negotiation with the bank?
Can you also please provide copies of the documents indicating the termination of the contracts as requested in point C of my FOI request.
Kind regards,
Ludovica Rogers

Portch, David (Corporate), Staffordshire County Council

I am currently out of the office.

 

If your email relates to an access to information request please re-send
your email to  [email address]

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Research for Action

Dear Staffordshire County Council,
Thank you for the response to my request. Hover some information is still missing.
Could you please confirm that no brokers or advisors were involved in the negotiation with the bank?
Can you also provide copies of the documents indicating the termination of the contracts as requested in point C of my FOI request.
Kind regards,
Ludovica Rogers

Portch, David (Corporate), Staffordshire County Council

Dear Ludovica Rogers

Please accept my apologies for sending you an incomplete response to your request.

Firstly, the information provided by the service team (See below) should have also been included in the email. I think that this should provide confirmation that no brokers or advisors were involved in the negotiation with the bank.

Secondly, re C - I have been advised that this information is considered to be commercially sensitive. The following exemption(s) may apply to the information that you have requested:

Section 43(2) - Prejudice commercial interests

By virtue of section 10 (3), where public authorities have to consider the balance of the public interest in relation to a request, they do not have to comply with the request until such time as is reasonable in the circumstances.

We need to consider where the balance of the public interest lies in relation to the information that you have requested. We will therefore not able to respond to your request in full within 20 working days.

If you have any questions or comments relating to how your request has been handled by our authority you should contact us in the first instance. Send your question, comment or complaint to [email address]

If you then have any further comments relating to how your request has been handled by our authority, please contact the Information Commissioner, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF

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. See spreadsheet

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 n/a
2. Principal of the original LOBO loan See spreadsheet
3. Initial counter-party of the original LOBO loan See spreadsheet
4. Drawdown date of the original LOBO loan See spreadsheet
5. Maturity date of the original LOBO loan See spreadsheet
6. Date when the LOBO loan was restructured/refinanced See spreadsheet
7. Breakage cost or fee paid to the counter-party for the refinancing/restructuring See spreadsheet
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) Loans were repaid and corresponding PWLB loans taken out same day.
9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable) See spreadsheet
10. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable) See spreadsheet
11. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable) See spreadsheet
12. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable) Fair value of PWLB loans only measured at 31 March annually
13. Name of any third-party advisor used for the restructuring/refinancing See spreadsheet
14. Fee paid to the advisor for the restructuring/refinancing Commercially sensitive
15. Name of broker who arranged the restructuring/refinancing No broker was used, the council dealt directly with the bank
16. Fee paid to the broker for the restructuring/refinancing No broker fee was paid

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 No broker fee was paid

Regards
  
David Portch

Access Team
Staffordshire County Council
1 Staffordshire Place
Stafford
ST16 2DH

Telephone:  01785 278176

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Portch, David (Corporate), Staffordshire County Council

Dear Ludovica Rogers

The Public Interest Test Panel have now met to consider the balance of public interest in releasing the information you have requested -

• 14. Fee paid to the advisor for the restructuring / refinancing
• C - Copies of new contracts and any other official documents related to the restructuring/refinancing
• D - Invoices for the broker fees for the restructuring/refinancing

The Panel have concluded that information you have requested subject to public interest test is exempt from release. Considering section(s) 43(2) of the Freedom of Information Act the panel have decided that the public interest in release does not outweigh the arguments for refusal.

In reaching this decision the panel considered:

Public interest in openness and transparency of the council’s procurement processes and use of public funds.

Public interest in maintaining the exemption –
• Impact on SCC’s and other local authorities ability to negotiate in a competitive environment
• The need to protect commercial interests of individual companies and ensure that they can compete fairly
• Impact on a competitive market to the detriment of the public interest

The information you have requested subject to the public interest test is therefore refused in full.

If you have any questions or comments relating to how your request has been handled by our authority, or you wish to appeal this decision, you should contact us in the first instance. Send your question, comment or complaint to [email address]

If you then have any further comments relating to how your request has been handled by our authority, please contact the Information Commissioner, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.

Regards
  
David Portch

Access Team
Staffordshire County Council
1 Staffordshire Place
Stafford
ST16 2DH

Telephone:  01785 278176

show quoted sections

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