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Manchester waste deal debt package "most complex ever"

Lawyers working on the £3.8bn Greater Manchester Waste PFI contract have described the debt structuring for the deal as one of the most complex loan packages ever to be agreed in the UK.

Up to 50 lawyers from law firm Addleshaw Goddard advised the group of institutions providing the senior debt facilities (led by Bank of Ireland and including the European Investment Bank (EIB)) on structuring the transaction.

The deal was completed yesterday and the first to involve the new Infrastructure Finance Unit.

“The project represents a huge boost for the UK’s infrastructure; demonstrating what can be achieved when government, lenders and industry work together,” said Addleshaw Goddard projects partner Richard Guit.

“The debt package is one of the most complex ever seen in UK PFI - with two separate borrowers financing development over 30 sites, multiple treatment facilities and a waste fired thermal power station. Acting for six lenders in this market posed unique challenges and the introduction of the Treasury’s new Infrastructure Finance Unit at the last minute added a further dimension - demonstrating that UK infrastructure is firmly on the agenda of government and lenders.”

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