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Debt and Equity Financing for PPP/PFI Projects offers you a unique opportunity to discuss topics and case studies on current PPP/PFI projects, including Portuguese Road Projects, The Royal Infirmary of Edinburgh PFI Project and the Newcourt Capital European Project Finance Fund. This valuable conference will explore the financial and contractual issues of PPP/PFI projects funded by debt and equity, as well as considering alternative funding options, delivered by well known sector experts.

As a senior industry executive, you will be aware of the importance and potential of the PFI field. We would therefore like to invite you to register for SMi’s fifth annual event, Debt and Equity Financing For PPP/PFI Projects. As you will see from the brochure, key speakers include representatives from Central and Local Government, as well as leading industry figures who deal with project finance on a day-to-day basis.

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

John Thirlwell

John Thirlwell, Director, British Bankers’ Association

9:10 DEBT FINANCE – INTER-CREDITOR ISSUES

Michael Burton

Michael Burton, Partner, Dibb Lupton Alsop

  • The creditors of the Project Company
  • Managing the expectations of creditors with competing interests
  • The principal methods of debt regulation
  • Inter-creditor trends – where the market is going
  • 9:40 THE ROLE OF ASSET FINANCE IN THE PFI

    Craig Pickering

    Craig Pickering, Head of Asset Finance, Finance & Leasing Association

  • The flexibility available
  • The significance of term
  • The great lease accounting debate
  • Providing finance in tandem with services
  • 10:20 KEYNOTE ADDRESS

    Peter Stanton-Ife

    Peter Stanton-Ife, Policy Adviser, Treasury Task Force PFI Policy Team, HM Treasury

  • Refining policy for financial specifications and the business case in PFI projects
  • Analysing long-term value for money in PFI schemes
  • Financial issues for the procurer when selecting a preferred bidder
  • Using debt and equity finance to hasten PFI project progress
  • Considerations for risk transfer and contracts in PFI programmes
  • Lessons learned from pathfinders for funding projects, and The future of the Treasury Task Force in PFI
  • 11:00 Morning Coffee

    11:20 ROAD PROJECTS IN PORTUGAL

    Chris O’Gorman

    Chris O’Gorman, Head of Project Finance, Dai Ichi Kangyo Bank

  • Case study on the North and West Concession Projects
  • Analysis of the SCUT Projects Tendered
  • Differences between UK PFI Road Projects and Portuguese Road Projects
  • Portugal - Is this true export of PFI ?
  • 12:00 ATTAINING THE FINANCE

    Alan Aisbett

    Alan Aisbett, Partner, Pinsent Curtis

  • Choosing debt and equity finance for PFI projects – advantages & disadvantages
  • Turning the public sector provider into public limited company – comparisons with PFI
  • Equality for shareholders by changing the public service into a public interest company
  • Acquiring private capital through joint ventures
  • Selecting the best option for public service funding
  • The continuing business case for PFI
  • 12:40 Lunch

    13:40 MEZZANINE FINANCE

    Howard Barrie

    Howard Barrie, Howard Barrie, Head of Project Finance, Phillipa Chadwick, Solicitor, Denton Wilde Sapte

  • Selecting the correct PFI projects for mezzanine debt financing
  • How does mezzanine finance operate in a PFI project?
  • Debt meets equity – risks at the halfway point in PFI schemes
  • Expansions in the mezzanine debt markets – the attractions
  • Considerations for credit rating in PFI programmes financed by mezzanine
  • Learning to be flexible from innovative forms of financing
  • 14:20 CASE STUDY – PFI PROJECTS FOR EDUCATION

    Phyllis Dunipace

    Phyllis Dunipace, Adviser, Lambeth EBP

  • Analysing the financial structure of bundled PFI projects
  • Ensuring cost effective facilities for schools through PFI
  • Implementing innovative methods of finance to assure value for money – the pioneering spirit
  • Using existing assets and resources
  • Dealing with long-term PFI education financing
  • The way forward
  • 15:00 Afternoon Tea

    15:20 CASE STUDY – DEBT & EQUITY ISSUES FOR IT PROJECTS

    Roger Bickerstaff

    Roger Bickerstaff, Partner, Bird & Bird

  • Understanding the financial structure of PFI IT programmes
  • Using debt & equity finance – advantages and disadvantages
  • SPV and prime contractor approaches
  • Debt arrangements in partnership deals
  • Termination arrangements – unraveling the debt and coping with infrastructure transfer
  • 16:00 REFINANCING

    Roland Davies

    Roland Davies, Executive Director, CIBC World Markets

  • What are the options to consider?
  • Shareholder aims and incentives
  • What are the gains and how are they measured?
  • Combining projects
  • 16:30 FINANCING FOR PFI – THE BOND ALTERNATIVE

    Christopher Blunt

    Christopher Blunt, Assistant Director, NM Rothschild

  • Extracting benefits of long maturities
  • Structuring a PFI bond
  • Risk allocation and ratings agencies
  • Refinancing PFI in the capital markets
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    17:10 Drinks Reception for Delegates and Speakers

    8:30 Re-registration and Coffee

    9:00 Chairman's Opening Remarks

    Chris Brown

    Chris Brown, Head of Project Finance, Masons

    9:10 DEBT FINANCE

    Charles Abel Smith

    Charles Abel Smith, Head of PFI & Public Sector, BNP Paribas Group

  • Issues to consider when debt financing a PFI project
  • Comparison of different sources of senior debt funding
  • Improving the funding process
  • Senior Debt for PFI projects – market outlook
  • 9:40 EQUITY FINANCE

    Keith Martin

    Keith Martin, Director, London Financial Group

  • How does equity finance work in a PFI project?
  • What risks are transferred to equity providers?
  • Effectively structuring indexations risks
  • Understanding mezzanine, loan stock & share capital
  • Deciding how much equity in a PFI project
  • Identifying equity investors and their interests; Opportunities for equity investors
  • 10:20 DEMONSTRATING THE ACHIEVEMENT OF VALUE FOR MONEY

    David Finlay

    David Finlay, PFI Unit, National Audit Office

  • The role of the National Audit Office
  • The four pillars of a successful PFI deal
  • The balance of risks and rewards to all parties involved in a PFI project
  • What financing issues should procurers consider?
  • Some initial views on refinancings
  • 11:00 Morning Coffee

    11:20 INNOVATIVE METHODS OF FINANCING PFI PROJECTS

    James Stewart

    James Stewart, Senior Director, Newcourt Capital

  • Background to the institutional debt market
  • Advantages of institutional debt
  • Combining senior and subordinated debt on PFI projects
  • Overview of Newcourt Capital European Project Finance Fund
  • 12:00 DEVELOPMENTS IN THE STRUCTURE AND FINANCING OF LOCAL AUTHORITY PFI DEALS

    Ian McPake & Gordon Prestige

    Ian McPake & Gordon Prestige, Partners, Tods Murray

  • Particular features of Local Authority PFI/PPP Projects
  • Considering other funding options available to Local Authorities besides PFI/PPP
  • Alternative funding structures
  • The potential market for Local Authority PFI/PPP investments
  • Controlling costs in smaller projects - standardisation
  • 12:40 Lunch

    14:00 FINANCIAL PARTNERSHIPS FOR PPP/PFI

    Andrew Doyle

    Andrew Doyle, Director, Ash Corporate Finance
    View Bio

  • How can the public and private sectors obtain value for money in the same deal?
  • Considering best value options for PFI funding
  • Financial factors in PFI deals from a contractor’s perspective
  • What financial goals are public service providers looking for?
  • Effective risk transfer in PPP/PFI deals – reducing costs through sharing
  • The future of public private financial partnerships
  • 14:40 PERFORMANCE SUCCESS FACTORS

    Adrian Kent

    Adrian Kent, Solicitor, Simmons & Simmons

  • The long-term perspective on performance in PPP/PFI contracts
  • Performance related pay in PPP/PFI projects
  • Integrating performance measurement into contracts - structuring the contract criteria
  • Tips on monitoring contract management and performance levels
  • Performance and the business relationship within a consortium
  • Financial considerations for the contractor
  • 15:20 Afternoon Tea

    15:40 CASE STUDY

    Robert Anderson

    Robert Anderson, Head of Financial Planning, Lothian University Hospitals, NHS Trust

  • The provision of service and PFI
  • Project structuring and development
  • Assessment of Risk Transfer
  • Role of external auditors
  • Securing business case approval
  • Lessons learnt from the project
  • 16:20 ACCOUNTING ISSUES FOR PFI

    Janet Baker

    Janet Baker, Partner, PA Consulting

  • Acquiring the right advisors for PFI deals
  • Developing partnerships between public and private sector PFI advisors
  • Funding mechanisms and best value for PFI
  • Co-ordinating the complex accounts of PFI projects
  • Navigating the complexities of PFI contract structures
  • Accounting and finance proposals
  • 17:00 Chairman's Closing Remarks and Close of Conference

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

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    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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