A refinancing occurred on the project in 2014. The East Coast phase of the project reached financial close in 2014, and the financing terms were better than those offered for the Great Western financing in 2012. The opportunity for refinancing was identified by Her Majesty's Treasury, with the Procuring Authority issuing a Refinancing Notice to request that the Project Company take advantage of the financing opportunity available. The final arrangement of the refinancing was an "all lender agreement repricing", where the lenders who had originally signed up agreed to new terms. The PPP contract sets out a schedule for sharing the refinancing gain between the parties. The refinancing was completed in a relatively short period of time, with 80% of the gains payable to the Procuring Authority resulting in approximately £60 million in savings.