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Refinancing for PPP/PFI Projects
13 May - 14 May 2002
Refinancing for PPP/PFI Projects
“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” . SAE Media Group’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 agenda

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9:00

Registration and Coffee

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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
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    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
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    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?
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    11:00

    Morning Coffee

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    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
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    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
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    12:40

    Lunch

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    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
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    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
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    15:20

    Afternoon Tea

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    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
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    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
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    17:00

    Chairman's Closing Remarks and Close of Day One

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    9:00

    Re-registration and Coffee

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    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.
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    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
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    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
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    11:00

    Morning Coffee

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    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?
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    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?
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    12:40

    Lunch

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    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
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    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
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    15:20

    Afternoon Tea

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    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
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    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
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    17:00

    Chairman's Closing Remarks and Close of Conference

    The Hatton, at etc. venues

    51/53 Hatton Garden
    London EC1N 8HN
    United Kingdom

    The Hatton, at etc. venues

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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, SAE Media 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.

    CPD Certificates

    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@saemediagroup.com

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