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Levenmouth High School hub Project

Hub - Levenmouth

Date
December 2014

Sector
Infrastructure

Transaction
Levenmouth High School hub Project

Value
c. £42m

Role
Financial Adviser to hub East Central Scotland

QMPF advised hub East Central Scotland (“hubco”) on the Levenmouth High School hub project, the first DBFM project to be delivered in this territory.  The SPV consists of Amber Blue (a consortium of Robertson Capital Projects, Amber Infrastructure Limited and Forth Holdings Limited) Fife Council and Scottish Futures Trust.  This landmark Community Project located between Buckhaven and Methil will create a new school providing places for 1800 pupils, replacing Buckhaven and Kirkland High Schools. Work began on site prior to financial close and the new facilities will open in July 2016.The senior funding of c.£38m is being provided by Aviva Commercial Finance with subordinated debt from hubco of c. £4m.  QMPF provided financial advice to the consortium, with CMS Cameron McKenna providing legal advice.

Our role included creation of financial models for the Stage 1 affordability analysis and subsequent Stage 2 submission required by all Scottish Government revenue funded projects. Following Stage 2 approval, we continued to develop the financial model as costs and timings fluctuated until financial close. QMPF also assisted CMS with the review and negotiation of the project documents and liaised directly with the model audit provider and Aviva Commercial Finance.

Gary Bushnell, Chief Executive of hub East Central said:  “QMPF added significant value to the process by assisting with commercial matters for the project sponsors and conducting investment analysis for the investors to ensure they were comfortable with any divergence from modelled assumptions.  They were invaluable in helping us through unexpected challenges that arose towards the end of the project, resulting in the target close date being achieved.   We thoroughly enjoy working with the team and look forward to working with them again in the upcoming months.”

For further information contact

Moray Watt

Partner

+44 (0)131 222 2623

QMPF LLP, Excel House, 30 Semple Street, Edinburgh EH3 8BL
+44 (0)131 222 2600
info@qmpf.co.uk

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