Ashurst strengthens PFI reputation with Durham, Sandwell BSF deals

Ashurst has sat on ­Carillion’s panel for PFI work for a number of years and has advised on all four BSF deals that Carillion has closed to date, advising both the lenders and Carillion itself. It has since been instructed on Rochdale BSF, which Carillion was ­recently appointed to as preferred bidder.

Partner Philip Vernon led the team advising on the Durham deal, which had a £50m debt tranche and £6.2m of equity, with senior associate Paul Angel ­assisting on the deal.

Vernon said both deals are expected to yield further work. “Once you’ve closed the primary deals there are subsequent deals under the umbrella agreements,” he commented.

White & Case partner Anthony Fine advised joint funders Barclays and Nationwide, while ­Dickinson Dees partner Iain Greenshields advised Durham County Council.

Partner Logan Mair led the team advising sponsor Interserve on the £50m Sandwell BSF project, with senior associate David Care ­assisting on commercial matters.

Bevan Brittan picked up the role advising Sandwell Metropolitan Borough Council, while DLA Piper advised funders Barclays and Nationwide. There was £5m of equity.

Ashurst finance partner Patrick Boyle assisted on the finance documentation for both projects.