The information package that will be provided to potential funders is likely to include an Information Memorandum ("IM"), a summary of all relevant project documents, the Base Case financial model and any due diligence reports that may have been prepared on behalf of the ultimate funders.
The IM is likely to include:
■ an overview of the project;
■ a description of the proposed corporate structure and organisation that will be implemented by the PB to deliver the project;
■ the Project Agreement or a summary of the key terms;
■ a description of any subcontracting parties including information on their relevant experience of delivering similar projects;
■ a description of the project requirements and the PB's proposed solution;
■ a summary risk analysis;
■ a description of the anticipated project costs and the financing plan as currently envisaged;
■ a term sheet to be marked up by funders in the competition, and
■ financial analysis, including a summary of the Base Case financial model and relevant sensitivity analyses.
In order that potential funders can prepare their bids in the light of some independent analysis of the project's risks, the PB should appoint appropriate legal and technical advisers to act on behalf of the prospective funders. It is suggested that a preliminary due diligence report from each of these advisers is provided within the information package. When the preferred funder is appointed, these advisors can be retained in order to finalise any remaining funder due diligence issues.
It may be appropriate that in addition to the provision of an information package, the PB will arrange for a presentation (or series of presentations) to be made to the potential funders. Authority representation may be required at these presentations.
Although production of the information package (and any proposed presentation material) should be the responsibility of the PB, the Authority and its advisers should have the right to review and comment on its contents prior to approving its release to potential funders. The Authority is to receive a copy of all information at the time it is provided to potential funders.
Both the Authority and the PB are likely to require all potential funders to enter into appropriate confidentiality undertakings prior to receiving the information package (or attending a presentation).