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[_}jG_?,mѭxOt_f;K.})e> OA߆>/x\? >Ex_C3 ŗ-f<5wj3]e5_Q'v57n# iٛl[?T>%C V{Tno |s/0֗/^0t gJWmo[¾𮟧O0'Q<7u/:|a=?>ꚶZG t %̟[㏆`An= mbmhٿi>b'#~N7'5 ("xö~O &zkf;[Lg_7 '%IGi;!%o]GEqg'x[+a3ΖUNi`WThPuYU9U\ufbo. ! ]jj 5]C52u**k|Ԟ2J i(Gv?lU|,A|$zw>+÷"T,oGn7Gm. /k{"_ "|\Wԟ>x ƟR_ymsƞ0?hZ Z֥麎}z}sZ4WoO/xd(ׯ<%i..*Vю"T*-jap^(L S׭PO:tZs:3RQ_#tܠ8߲_U_7gz (g7ÿmR@_M֮Wm.dKnnd3xco/9[ğ<%_ʌqxjdNpR)ŧu8BQc/øbSg<ۯ?gOTď%K?[W[:hz|$u/0+p%%___PPT9 / 0z? %O = K t5v6x7M!l4J_-g2z8|9~:;/'Ljmnoruwy{} ` ̙33` ` ff3333f` 333MMM` f` f` 3>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> (  (  pB   H8c?pp^  61?${  C lATK:\Logo - PFB\Dexia PFB\blue positive.jpg"[[+H  0޽h ? ̙33 Default Design0 8(     Ncc -   v* ===]]||  N|cc O m-  x* ===]]||d  c $ ?3:  4  Ncc _ 1<'  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  T<cc    v* ===]]||  Ttcc O m  x* ===]]||H  0 el= ? ̙33  T((  T T NH@cc -   \* ===]]|| T N8Lcc O m-  ^* ===]]|| T TUcc    \* ===]]|| T Tq9cc O m  ^* ===]]||H T 0 el= ? ̙33 }u 4 ( O 4w 4  f|h91))?@  cIs PFI The Way Forward In Social Housing? Ashley Blows Head of Project Finance Tel: 020 7470 7333b*%022* % 4 C lATK:\Logo - PFB\Dexia PFB\blue positive.jpg",V  4 <s9v@M] @ 8 April 2003 H 4 0޽h ? ̙33R 04(  4 4 049 <Agenda 4 0t9< VThe role of the funder in PFI social housing projects. What makes a project bankable? What makes social housing different from other sectors? What are the implications for RSLs? The future of PFI in social housing.%@K,' ,,H 4 0޽h ? ̙33 @(    09 _)Why Use PFI in the Social Housing Sector?**  0\9  rAnother procurement option. Lever for additional investment & different  players . Enables local authorities to renew stock without transferring ownership or raising capital finance themselves. Permits authorities to retain their  tenant-facing role, but sub-contract all property-related matters. Greater attraction to many tenants in some areas that prefer to retain their local authority as landlord. Further development of mixed tenure.%@K ,,H  0޽h ? ̙33 E=P(    09 BDexia s Involvement in the Sector""  09 CStarted out with very keen appetite for PFI social housing projects as a result of our: Focus on the public sector and infrastructure; Leading role in providing finance to UK RSLs; & Focus on the PFI / PPP in UK & overseas. Formed joint venture to bid for the first 8 social housing PFI pathfinders in late 1999. Preferred bidder at NE Derbyshire & still involved in a further three of the pathfinders.^X%@K@2%@KX ,,H  0޽h ? ̙33% ` e(      0,9p nThe Role of the FunderW   0$9P ESenior Lender: Demonstration of deliverability; Optimise bid financial structure; & Extensive due diligence for the benefit of all involved. Provider of hedging instruments to manage long-term inflation and interest rate risks. Equity: Closer support through the procurement process; & Fewer parties to the negotiations.%@K@2_%@KW@2_W ,,H   0޽h ? ̙33>   p<~ (  < < 0x9 X"Typical PFI Contractual Structure ##& F  p <  p < 0`9E ?  CLocal Authority < 09E ?  7SPV < 0 > Shareholders   < 0 :  KDesign and Construction  < 00 *  ])Housing management and day-to-day repairs**  < 0    ELifecycle repairs  < 0H  bFunder&TB  < c $D@ @ TB <B c $D7 7 TB <B c $D  TB <B c $DTB <B c $D  TB < c $D  TB < c $D? `B < 0DpE p`B < 0D? pp < 0)p BDirect Agreement < 0@ "  CProject Agreement < 0` '  ? Senior Debt   < 0 :Equity < 0"7 @  ? Sub-contractsXB < 0D @ @ H < 0޽h ? ̙33u %( w   0* `g ]'Typical Features of Financial Structure((  0.`,$D 0 $SPV set-up to enter into contracts and raise finance. Competitive long-term financing. High gearing (ca 90:10 debt:equity ratio) with small equity cushion. Long term debt with limited tail until concession end. Repayment solely from project cash flows. Security solely over SPV s assets and step-in rights. No  bricks & mortar security.R%@KR.' O; ,,H  0޽h ? ̙33 $*(  $ $ 0tp7 X"What Makes a Project Bankable? 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