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Growth within the PPP/PFI market is now well developed. Financing arrangements are thriving in terms of size, diversity and innovation and PFI’s are pursuing a whole array of products available from capital markets. Two key issues of PFI are the demonstration of the transfer of risk from the public to private sector and ensuring Value for Money. Bank loans are the traditional source of finance however bonds have become more popular over the last couple of years, particularly for the larger projects.

This event will look at the different financing methods available for PPP/PFI projects. These will range from traditional debt and equity financing to more sophisticated financing methods like mezzanine funding.

The conference will also clearly define and illustrate solutions to the issues of risk, planning, procurement, responsibility and value for money. You will be able to gain valuable insight into PFI procedures, giving you the chance to strive ahead of the market. This is an ideal opportunity to take advantage of a growing market.

Key issues to be discussed include
Equity financing for PPP/PFI projects
Purchase of secondary equity in PFI projects
Negotiating with existing lenders
Refinancing of debt - benefits to shareholders, developments in financial markets and issues
Securing bond finance for a complex urban rail system
Selection of the arranging bank
Servicing debt over a long-term credit period
Analysing risks

Confirmed Speakers so far:
David Finlay, Head of PFI Development, National Audit Office
Robin Herzberg, Group Head of Risk, Carillion
Alan Ritchie, Director, Quayle Munro PFI Fund Limited Partnership
Duane Passman, Head of Capital Investment Unit, London Strategic Health Authority
Rupert Bruce, Project Finance Director, Mowlem
Sameer Amin, Director, Infrastructure Finance, Bank of Scotland
David Donnelly, Head of Public-Private Finance Group, UK Financial Services, Bank of Ireland
Stephen Paine, Managing Director, UBS Warburg
Pearse Rutledge, Partner, Ernst & Young
Jeremy Williams, Morgan Cole
Ian Dixon, Managing Director, AMBAC Insurance UK
Jon Manley, Director, Standard and Poor's
Jerry Donohue, Director, Private Loans, AXA Investment Managers UK
Tom Day, Partner, Norton Rose

Confirmed chairs so far:
Tim Treharne, Director, KPMG PPP Advisory Services
Tom Day, Partner, Norton Rose

Conference programme

9:00 Registration & Coffee

9:30 Chairman's Opening Remarks

Peter O’Flynn

Peter O’Flynn, Associate Director, KPMG PPP Advisory Services

9:40 KEYNOTE ADDRESS: ACHIEVING VALUE FOR MONEY IN THE FINANCING OF PFI/PPP PROJECTS

David Finlay

David Finlay, Head of PFI Development, National Audit Office

  • Ensuring all financial options are explored
  • Financing competitions: where they may be appropriate
  • Refinancing: lessons from the NAO report
  • 10:20 SECONDARY EQUITY MARKET FUNDS

    Alan Ritchie

    Alan Ritchie, Director, Quayle Munro PFI Fund Limited Partnership

  • Business model principles
  • Business model for secondary equity investment
  • Bidding for stake in mature project
  • Sectors with the most potential for buying into
  • Outlook for the secondary PFI market in the UK
  • 11:00 Morning Coffee

    11:20 OBTAINING BEST VALUE IN THE HEALTH SECTOR

    Duane Passman

    Duane Passman, Head of Capital Investment Unit, London Strategic Health Authorities

  • Changes to the procurement process
  • Demonstrating sound financial evaluation of PPP/PFI projects
  • Obtaining best financial value through PPP/PFI procurement
  • Challenges facing the health sector when procuring finance
  • Overcoming challenges and obstacles
  • 12:00 HOW THE FINANCING CONSIDERATIONS CHANGE OVER THE LIFE OF A PROJECT

    Robin Herzberg

    Robin Herzberg, Group Head of Risk, Carillion

  • Considering methods of finance for PFI contracts
  • Issues to take into account when financing a PFI
  • Servicing debt over a long-term credit period
  • Analysing the risks in the various funding PFI programmes
  • What we can learn from certain sectors
  • 14:00 REFINANCING THE NATS PPP

    Charles Yates

    Charles Yates, Financial Consultant, CMY

  • Key financing considerations of the NATS scheme
  • Funding competitions
  • Refinancing: key facts of the NATS project
  • Key considerations and lessons learnt from financing NATS
  • What next?
  • 14:40 FINANCIAL STRUCTURING

    Jeremy Williams

    Jeremy Williams, Consultant, Morgan Cole

  • Termination
  • Compensation on termination
  • Change
  • Step in and rescue refinancing
  • Liability and insurance
  • 15:20 Afternoon Tea

    15:40 PFI PROCRUEMENT - A FINANCIERS PERSPECTIVE

    Alan Douglas

    Alan Douglas, Director, Infrastructure Finance, CDC IXIS Financial Guaranty Europe

  • What do financiers bring to the tender process?
  • Reduced supply yet increasing demands
  • Assessing value for money of the procurement process
  • Alternative procurement methods
  • 16:20 FINANCIAL CONSIDERATIONS OVER THE LIFE TIME OF A PFI/PP PROJECT

    Rupert Bruce

    Rupert Bruce, Project Finance Director, Mowlem

  • Issues to consider when financing a PFI project
  • Selection of the funding route, and/or arranging bank
  • Servicing debt over a long-term credit period, refinance and equity exits
  • Analysing funding and exit risks
  • Lessons learnt from the transport, health and defence sectors
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    9:00 Re-registration & Coffee

    9:30 Chairman's Opening Remarks

    Tom Day

    Tom Day, Partner, Norton Rose

    9:40 BOND FINANCING

    Stephen Paine

    Stephen Paine, Managing Director, UBS Investment Bank

  • Key drivers for adopting bond financing
  • Why is it value for money?
  • How the structuring of the deal affects financing
  • Risk management
  • Advantages and disadvantages
  • 10:20 FINANCIAL RESTRUCTURING

    Pearse Rutledge

    Pearse Rutledge, Partner, Ernst & Young

  • Refinancing of debt-benefits to shareholders, developments in financial markets and issues
  • Equity exit- timing and evaluation
  • Secondary equity market liquidity- nurturing the market, creating value transparency, negotiating exit and ensuring future value
  • Portfolio equity investment
  • Infrastructure investment funds
  • 11:00 Morning Coffee

    11:20 WRAPPED BOND ISSUES

    Ian Dixon

    Ian Dixon, Director, AMBAC Insurance UK

  • How do wrapped bond issues work in a PPP/PFI project?
  • Factors affecting availability of finance
  • Opportunities for wrapped bond issues
  • Case study - Metronet
  • 12:00 RATING STRUCTURES FOR PFI PROJECTS

    Jon Manley

    Jon Manley, Associate Director, Standard & Poor’s

  • What is a Standard & Poor’s credit rating
  • Overview of PFI project ratings and methodology
  • PFI ratings – key credit risk issues
  • Case study
  • 12:40 Lunch

    14:00 EQUITY FINANCING

    Sameer Amin

    Sameer Amin, Director, Infrastructure Finance, Bank of Scotland

  • What is refinancing?
  • How does it work?
  • Current guidance and areas of contention
  • Historic v future deals
  • A worked example
  • 14:40 PPP IN THE TRANSPORT SECTOR

    Tom Day

    Tom Day, Partner, Norton Rose

  • Financial structuring of capital intensive projects
  • Political risk- public opposition, judicial review and state aid
  • Particular legal issues affecting urban transit PPP projects
  • Different approaches to Light Rail and Metro Projects
  • 15:20 Afternoon Tea

    15:40 MANAGING FUNDER SUPPORT FOR PFI PROJECT BIDS

    David Donnelly

    David Donnelly, Head of Public-Private Finance Group, UK Financial Services, Bank of Ireland

  • What do you need from your lender?
  • Pre-selection or funding competition?
  • Lender’s role during bid process
  • Lender transaction management and process
  • Authorities’ perception of lender
  • Avoiding common pitfalls/managing expectations
  • 16:20 CASE STUDY- NEWPORT SOUTHERN DISTRIBUTOR ROAD PFI PROJECT

    Jerry Donohue

    Jerry Donohue, Director, Private Loans, AXA Investment Managers UK

  • Newport project background
  • How AXA investment managers helped to win the project
  • What are private loans?
  • How private loans can help you win more deals
  • 17:00 Chairman's Closing Remarks and Close of Conference

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