Amber plans joint schools PFI refi

Infrastructure investor Amber Fund Management is planning to refinance six Building Schools for the Future PFI contracts.

Durham County Council has approved plans to refinance its PFI contract £49m, which has £43m left to pay, after being approached by its partner in the deal to take advantage of the historically low interest rate level available at present.

Amber has also made the suggestion to five other councils, to get the best value for the projects.

Overall, Amber expects to refinance £390m of debt across the portfolio of schools contracts, in an effort to secure a better price for the projects instead of refinancing each individually.

It is understood that 10 funders have indicated a firm interest in the refinancing deal, and Durham’s councillors recently backed the plans.