Priority School Building Programme — Aggregator Funding Vehicle.

Descriptions

The contracting authority is proposing to procure a funding vehicle which will be expected to access finance (short and long term lending as appropriate) and on-lend to the PF2 (privately financed) projects (‘PF2 Projects’) within the Priority School Building Programme (‘PSBP’) (the ‘Aggregator’).The contracting authority issued OJEU Notices in respect of the first 2 of the PSBP PF2 Projects on 25.6.2013 and 30.7.2013. It is expected that a further three PSBP PF2 Projects will be the subject of separate OJEU Notices over approximately the next 12 months. The PSBP is a new schools programme. Its purpose is to rebuild/refurbish 261 schools. The PSBP contains a mixture of private finance and public capital projects. The PF2 Projects will be procured in accordance with PF2 principles and will involve the design, construction and provision of hard facilities management services in respect of multiple schools. The proposed term of the PF2 contract will be 25 years from the service commencement date of the final school to be completed in each PF2 Project. This Notice and the scope of the Aggregator funding solution relates solely to the PF2 Projects. The PF2 Projects contain 46 schools with an estimated total funding requirement of 700 000 000 GBP.The Aggregator funding solution works on the basis that the funding requirements of several projects are aggregated to allow access to competitive funding solutions which may include bank debt and capital markets solutions. It is anticipated that the underlying PF2 Projects will attain BBB-credit ratings and that the on-loans to those projects by the Aggregator will be made on the basis of standard documentation agreed at the outset.