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“The cost of finance is one of the most expensive part of a PFI contract, therefore successful project implementation requires sophisticated financial planning from both sides” . SMi’s Refinancing for PPP PFI Projects conference is going to introduce the UK and Irish Governments view on PPP refinancing, as well as presenting the private sectors view. The event will enable all participants to understand the implications of the refinancing agenda and enable both sides to develop and effective strategy on refinancing.

This conference is going to enable you to:

  • Hear about the Refinancing Guidance from the Government
  • Develop strategies to protect your negotiating position
  • Learn to full potential and the implications of the current refinancing trends in the UK
  • Learn about the current refinancing opportunities in the UK, Ireland
  • Get the facts on future opportunities in PFI refinancing in the UK

Conference programme

9:00 Registration and Coffee

9:30 Chairman's Opening Remarks

Chris Brown

Chris Brown, Partner, Masons

  • What is the public sector hoping to achieve?
  • Is refinancing share the right instrument?
  • International perspective on refinancing
  • 9:40 REFINANCING – FROM THE PUBLIC SECTORS PERSPECTIVE

    David Kent

    David Kent, Head of Contract and Competition Group, HM Prison Service

  • The PFI Prison Building Program
  • The procurement process
  • Contract templates (?)
  • The case study of the Fazakerley Prison
  • Lessons learnt
  • 10:20 DEVELOPING REFINANCING GUIDIANCE IN IRELAND

    Cormac Gilhooley

    Cormac Gilhooley, Finance Specialist, Department of Finance, Ireland

  • Refinancing policy
  • Who should benefit?
  • Consent to a refinancing
  • Increased termination liabilities
  • Public sector refinancing
  • Refinancing- a negotiation strategy?
  • 11:00 Morning Coffee

    11:20 RATINGS AND REFINANCING

    Jan-Willem Plantagie

    Jan-Willem Plantagie, Associate Director, Sector Team Leader, Project and Transport, Standard and Poor’s

  • The ratings process and using ratings for refinancing
  • Incorporating refinance risk in ratings
  • Does refinancing lead to higher ratings?
  • Credit enhancements
  • 12:00 CASE STUDY

    Christopher Blunt

    Christopher Blunt, Team Leader, Government PPP, Rothschilds

  • The rationale for refinancing at Fazakerley
  • Generating value for all parties
  • Risk of refinancing
  • The Prison Service’s position
  • Agreeing and sharing benefits
  • Setting the future refinancing agenda
  • 12:40 Lunch

    14:00 REFINANCING IN THE PRISON AND ACCOMMODATION PPP’S - MOBILISING THE RESOURCES OF THE CAPITAL MARKETS

    Paul Leatherdale

    Paul Leatherdale, Managing Director, Head of Special Finance, DePfa Bank

  • Sharing of refinancing gains - is just one aspect of “partnership” in PPP’s? If a mechanism can be agreed at the start on how other future potential “risks and rewards” can also be shared (rather than trying to legislate for all sorts of hypothetical situations) we can streamline the whole process.
  • How to mobilise the financial markets in general to cope with the huge volume of PPP/infrastructure financing in the EU and accession countries - long-term assets need long-term financing and refinancing commercial bank debt with long-term bonds etc. is vital, so how do we optimise this process to access greater liquidity?
  • Assessing the optimum time for refinancing
  • The requirements for further development of the asset from the customer
  • 14:40 REFINANCING THE ALGARVE SHADOW TOLL ROAD PROJECT

    Shibeer Ahmed

    Shibeer Ahmed, Partner, Lovells

  • The first project to be refinanced in Portugal
  • Overcoming the local legal restrictions
  • The cross-border elements of the deal
  • The first monoline wrapped project financing in continental Europe
  • Lessons to be learnt for future refinancing deals in Portugal
  • 15:20 Afternoon Tea

    15:40 CASE STUDY

    David Coker

    David Coker, Head of Lisbon Office, Portugal, European Investment Bank

  • The role of EIB in the financing of PPP’s in Portugal
  • Continuing value for money
  • Assessing the risk of the project before construction
  • Raising funds to continue the project
  • Risk allocation
  • 16:20 CASE STUDY

    Mark Wells

    Mark Wells, Head of PFi UK,

  • Achieving lower cost
  • Improving flexibility
  • The role of the monoline insurers in infrastructure financing
  • Overcoming credit weakness
  • Outlook
  • 17:00 Chairman's Closing Remarks and Close of Day One

    9:00 Re-registration and Coffee

    9:30 Chairman's Opening Remarks

    Tim Stone

    Tim Stone, Chairman, PPP Advisory Services, KPMG

  • The latest developments in the transport, health and the defence sectors.
  • 9:40 THE PRINCIPLES OF REFINANCING

    David Finlay

    David Finlay, Head of PFI Department, National Audit Office

  • How opportunities for refinancing arise
  • The Fazakerley prison refinancing case study
  • Key points for the public sector to keep in mind
  • Current developments
  • 10:20 ENTERING DEALS ON REFINANCING TERMS

    Graham Beazley-Long

    Graham Beazley-Long, Director, Global Debt, Dresdner Kleinwort Wasserstein

  • Acknowledging the benefits of PFI refinance
  • Obtaining equity value for projects
  • Measuring the risk once the facility is built and staffed
  • Investment opportunities for the bond market
  • 11:00 Morning Coffee

    11:20 RISK DIVISION AND PRICING

    Ian Dixon

    Ian Dixon, Director, AMBAC Insurance UK

  • How do monoline’s assess refinancing risk?
  • What role can monolines play in refinancing?
  • How do monolines price refinancing risk?
  • Why use a monoline to refinance a transaction?
  • Can monolines be flexible?
  • 12:00 CHANGING FINANCIAL METHODOLOGIES

    Andrew Robertson

    Andrew Robertson, Director, NUPPP Fund, Mill Group

  • Opportunities for refinancing
  • Negotiating a refinancing deal with the public sector
  • Can refinancing be priced in the bid successfully?
  • What does the future hold?
  • 12:40 Lunch

    14:00 CASE STUDY

    To be confirmed

    To be confirmed, ,

  • Refinancing solutions
  • Projects risk profile
  • The term and margin of the loan
  • Negotiating the gain share/ sticking to the contract
  • 14:40 THE LENDER’S PERSPECTIVE

    Anthony Sykes

    Anthony Sykes, Deputy General Manager, Sumitomo Mitsui Banking Corporation

  • Rescue refinancing
  • Liquidity
  • Refinancing solutions
  • Project risk profile
  • Pricing on refinancing
  • 15:20 Afternoon Tea

    15:40 REFINANCING PFI DEALS

    Julian Macmillan

    Julian Macmillan, Consultant, Berkshire Consultancy

  • Rationale behind the decision to refinance
  • Business drivers
  • Process of re-financing
  • Potential mistakes and how to avoid them
  • Further opportunities for refinancing
  • 16:20 REDEVELOPMENT OF THE MOD MAIN BUILDING

    John Stokoe

    John Stokoe, Managing Director, Amey Defence

  • Nature of the relationship
  • Partnership with shared objectives, values, risk and reward
  • Innovation at managing risk
  • Value and viability
  • Philosophy on refinancing deals
  • Relationship development
  • 17:00 Chairman's Closing Remarks and Close of Conference

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