2.2  Refinancing Overview and Compliance with Guidance

2.2.1  Please detail the background to the refinancing that is being carried out and demonstrate compliance with guidance, noting any exceptions. Contracts that pre-date SoPC should refer to compliance with any express provisions in the contract if transaction not carried out under the Code of Conduct.

2.2.2  Detail how the refinancing gain will be received by the Authority (e.g. lump sum or reduced UC payments) and detail any considerations / analysis in support of the approach being progressed. Include an analysis of both options with supporting calculations if appropriate (SoPC 35.5.4 and Annex 1, 1.5):

2.2.3  Please provide a summary analysis of any significant Tax implications (direct or related) arising from the refinancing:

2.2.4  Please comment on the Project Company's ability to continue to service the contract post refinancing and provide evidence of adequate incentives for continuing performance (Application Note 1.2):

2.2.5  Please comment directly on lifecycle provisions in the contractor's model pre and post refinancing. In particular offer comment on whether the same level of reserving/robustness is apparent.

2.2.6  Please detail any other changes or elements being taken forward in parallel with the refinancing process but which are outwith the refinancing calculations (e.g. changes to FM costs, benchmarking etc (Application Note 1.4):

2.2.7  Please detail other consequential structural changes impacting on the Authority's position post-refinancing and how these may impact going forward (e.g. as part of or outside the refinancing) (Application Note 1.4):

2.2.8  Detail the sources and uses of funds from the refinancing in the indicative format below: