Restructuring of LOBO loans

The request was partially successful.

Research for Action

Dear Stockport 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

FOI Officer, Stockport Metropolitan Borough Council

Dear Sir/Madam,

               

Thank you for your request for information (J5061176) submitted under the
Freedom of Information Act 2000 which has been given the above mentioned
reference number. Please quote this on any correspondence regarding your
request.

                               

Stockport Council will respond to your request within 20 working days from
the date of receipt. If there will be a charge for disbursements e.g.
photocopying in order to provide the information, we will inform you as
soon as possible to see if you wish to proceed; however such charges are
usually waived if they amount to less than £10.

                                               

Yours sincerely,               

 

Mark Devine

Information Governance Officer

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 218 1230

*: [1][email address]

:: [2]http://www.stockport.gov.uk

 

 

show quoted sections

FOI Officer, Stockport Metropolitan Borough Council

Dear Sir/Madam,

 

I am writing in response to your request for information (ref FOI
J5061176).

 

The relevant Council Service(s) has searched for the requested information
and our response is as follows;

                                  

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.

 

SMBC do not have any LOBO loan agreements that have been
renegotiated/refinanced since 2015.

 

If you are unhappy with the way we have handled your request for
information, you are entitled to ask for an internal review; however you
must do so within 40 working days of the date of this response. Any
internal review will be carried out by a senior member of staff who was
not involved with your original request. To ask for an internal review,
contact [1][email address] in the first instance.

                          

If you are unhappy with the outcome of any internal review, you are
entitled to complain to the Information Commissioner. To do so, contact:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

[2]www.ico.gov.uk

 

0303 123 1113

Yours sincerely,

 

Naomi Vhora

Senior Officer, Information Governance

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 218 1230

*: [3][email address]

::[4]http://www.stockport.gov.uk

P Save Paper - Do you really need to print this e-mail?

 

Confidentiality:- This email, its contents and any attachments are
intended only for the above named. As the email may contain confidential
or legally privileged information, if you are not, or suspect that you are
not, the above named or the person responsible for delivery of the message
to the above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error.

References

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2. http://www.ico.gov.uk/
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4. http://www.stockport.gov.uk/

Research for Action

Dear FOI Officer,

From this FOI it appears that in 2015 the council held 2 Barclays loans.
https://www.whatdotheyknow.com/request/l...
Can you confirm that the terms of these loans have not changed?
If they have (including the fact that the option was removed) please provide the details requested in the previous FOI.

Kind regards,

Ludovica

FOI Officer, Stockport Metropolitan Borough Council

Dear Mr Rogers,

 

I am writing in response to your request for information (ref FOI
J5061176).

 

The relevant Council Service(s) has searched for the requested information
and our response is as follows;

                                  

From this FOI it appears that in 2015 the council held 2 Barclays loans.

[1]https://www.whatdotheyknow.com/request/l...

Can you confirm that the terms of these loans have not changed?

 

The Council has not restructured or refinanced any of its LOBOs. 

 

Regarding the Barclays LOBOs referred to, the Lender has opted to remove
its options for the remainder of the loan term, this is not part of any
restructuring or refinancing exercise the Council has undertaken.  The
previous FOI request asks for costs/fees/changes associated with
restructuring/refinancing of LOBOs which are not therefore applicable.

 

If you are unhappy with the way we have handled your request for
information, you are entitled to ask for an internal review; however you
must do so within 40 working days of the date of this response. Any
internal review will be carried out by a senior member of staff who was
not involved with your original request. To ask for an internal review,
contact [2][email address] in the first instance.

                          

If you are unhappy with the outcome of any internal review, you are
entitled to complain to the Information Commissioner. To do so, contact:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

[3]www.ico.gov.uk

 

0303 123 1113

Yours sincerely,

 

 

Naomi Vhora

Senior Officer, Information Governance

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 218 1230

*: [4][email address]

::[5]http://www.stockport.gov.uk

P Save Paper - Do you really need to print this e-mail?

 

Confidentiality:- This email, its contents and any attachments are
intended only for the above named. As the email may contain confidential
or legally privileged information, if you are not, or suspect that you are
not, the above named or the person responsible for delivery of the message
to the above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error.

References

Visible links
1. https://www.whatdotheyknow.com/request/l...
2. mailto:[email address]
mailto:[email address]
3. http://www.ico.gov.uk/
http://www.ico.gov.uk/
4. mailto:[email address]
5. http://www.stockport.gov.uk/

Research for Action

Dear FOI Officer,
My FOI request ask for information on loans "the council restructured, refinanced or for which the terms of the contracts have changed since 2015."
The Barclays loans therefore fall in the category of loans for which "the terms of the contract have changed since 2015."
Please therefore provide all the information requested.
Kind regards,
Ludovica Rogers

FOI Officer, Stockport Metropolitan Borough Council

Dear Sir,

               

Thank you for your request for information (5117362) submitted under the
Freedom of Information Act 2000 which has been given the above mentioned
reference number. Please quote this on any correspondence regarding your
request.

                               

Stockport Council will respond to your request within 20 working days from
the date of receipt. If there will be a charge for disbursements e.g.
photocopying in order to provide the information, we will inform you as
soon as possible to see if you wish to proceed; however such charges are
usually waived if they amount to less than £10.

                                               

Yours sincerely,                               

 

Mark Devine

Information Governance Officer

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 218 1230

*: [1][email address]

::[2]http://www.stockport.gov.uk

Confidentiality:- This email, its contents and any attachments are
intended only for the above named. As the email may contain confidential
or legally privileged information, if you are not, or suspect that you are
not, the above named or the person responsible for delivery of the message
to the above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error.

References

Visible links
1. mailto:[email address]
2. http://www.stockport.gov.uk/

FOI Officer, Stockport Metropolitan Borough Council

Dear Mrs Rogers,

 

I am writing in response to your request for information (ref FOI
5117362).

 

The relevant Council Service(s) has searched for the requested information
and our response is as follows;

 

On your premise that the Barclays loans have been restructured as the
options were removed, to answer your questions please see below:

 

My FOI request ask for information on loans  "the council restructured,
refinanced or for which the terms of the contracts have changed since
2015."

The Barclays loans therefore fall in the category of loans for which "the
terms of the contract have changed since 2015."

Please therefore provide all the information requested.

 

1. Internal reference number – not applicable

2. Principal of the original LOBO loan £15m and £15m (2 loans)

3. Initial counter-party of the original LOBO loan: Barclays

4. Drawdown date of the original LOBO loan 26.01.04 and 26.11.05

5. Maturity date of the original LOBO loan 26.01.54 and 16.11.55

6. Date when the LOBO loan was restructured/refinanced – no refinancing or
restructure has taken place.  Options removed in June 2016

7. Breakage cost or fee paid to the counter-party for the
refinancing/restructuring – not applicable

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).  Options
removed by the lender. 

10. Maturity date of new PWLB or bank loan used to refinance the LOBO
loan  (if applicable) not applicable

11. Interest rate of new PWLB or bank loan used to refinance the LOBO
loan  (if applicable) not applicable

12. Fair value of new PWLB or bank loan used to refinance the LOBO loan 
(if applicable) not applicable

13. Name of any third-party advisor used for the restructuring/refinancing
not applicable

14. Fee paid to the advisor for the restructuring/refinancing not
applicable

15. Name of broker who arranged the restructuring/refinancing not
applicable

16. Fee paid to the broker for the restructuring/refinancing not
applicable

 

C. Please provide copies of new contracts and any other official documents
related to the restructuring/refinancing not applicable

 

D. Please provide invoices for the broker fees for the
restructuring/refinancing not applicable

 

If you are unhappy with the way we have handled your request for
information, you are entitled to ask for an internal review; however you
must do so within 40 working days of the date of this response. Any
internal review will be carried out by a senior member of staff who was
not involved with your original request. To ask for an internal review,
contact [1][email address] in the first instance.

                          

If you are unhappy with the outcome of any internal review, you are
entitled to complain to the Information Commissioner. To do so, contact:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

[2]www.ico.gov.uk

 

0303 123 1113

Yours sincerely,

 

Mark Devine

Information Governance Officer

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 474 4299

*: [3][email address]

::[4]http://www.stockport.gov.uk

Confidentiality:- This email, its contents and any attachments are
intended only for the above named. As the email may contain confidential
or legally privileged information, if you are not, or suspect that you are
not, the above named or the person responsible for delivery of the message
to the above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error.

References

Visible links
1. mailto:[email address]
mailto:[email address]
2. http://www.ico.gov.uk/
http://www.ico.gov.uk/
3. mailto:[email address]
4. http://www.stockport.gov.uk/

Research for Action

Dear FOI Officer,
Thank you for the information provided.
Could you also kindly provide the deed poll related to the removal of the option from the Barclays loans as requested at point C of my FOI request.
Kind regards,
Ludovica Rogers

Mark Devine, Stockport Metropolitan Borough Council

Dear Mrs Rogers,

 

I am writing in response to your request for information (ref FOI
5117362).

 

The relevant Council Service(s) has searched for the requested information
and our response is as follows;

                                  

Could you also kindly provide the deed poll related to the removal of the
option from the Barclays loans as requested at point C of my FOI request

 

These are legal documents and are therefore exempt under Section 43 of the
Freedom of Information Act 2000.

 

43 Commercial interests.

(2) Information is exempt information if its disclosure under this Act
would, or would be likely to, prejudice the commercial interests of any
person (including the public authority holding it).

 

If you are unhappy with the way we have handled your request for
information, you are entitled to ask for an internal review; however you
must do so within 40 working days of the date of this response. Any
internal review will be carried out by a senior member of staff who was
not involved with your original request. To ask for an internal review,
contact [1][email address] in the first instance.

                          

If you are unhappy with the outcome of any internal review, you are
entitled to complain to the Information Commissioner. To do so, contact:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

[2]www.ico.gov.uk

 

0303 123 1113

Yours sincerely,

 

Mark Devine

Information Governance Officer

+: Stockport Council | 1^st Floor South Stopford House | Stockport | SK1
3XE

( : 0161 474 4299

*: [3][email address]

::[4]http://www.stockport.gov.uk

Confidentiality:- This email, its contents and any attachments are
intended only for the above named. As the email may contain confidential
or legally privileged information, if you are not, or suspect that you are
not, the above named or the person responsible for delivery of the message
to the above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error.

References

Visible links
1. mailto:[email address]
mailto:[email address]
2. http://www.ico.gov.uk/
http://www.ico.gov.uk/
3. mailto:[email address]
4. http://www.stockport.gov.uk/