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Contractors World  - UK & Ireland
2014 Vol 4 No 2

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Turning a Dream into a Reality - A non-banking financial solution - Page 5 of 5

The new airport could easily be linked into the Crossrail scheme for rapid transport to the centre of London and other UK cities.


The new airport could easily be linked into the Crossrail scheme for rapid transport to the centre of London and other UK cities.


The Bloomberg AIM (Asset and Investment Manager) platform, which has grown exponentially since 2009, has become the default market place through which these instruments, and the projects they support, are traded.

Stage 3: Institutional Consortium Financing

The final £10 billion could well come through the Capital Lease Infrastructure Program (CLIP).

This is a program operated by a consortium of almost 100 pension and life companies, sovereign wealth funds and a number of investment banks. When set against the size of the project financings they do, the process is almost absurdly simple.

These funds are governed by regulations that dictate the requirement to invest, on behalf of their policy- and stake-holders, in projects that can show an acceptable investment grade rating.

This means, taking the Standard & Poor’s ratings as an example no lower than, say, BBB+, from which point there are a further seven ratings up to AAA.

Provided the underwriting entity can show a rating at this level, and is prepared to guarantee the capital lease payments, delivery of loan funding is almost a given.

The funds are provided as a capital lease meaning that the consortium’s investment manager, who structures the financing, will take possession of WSC (or at least those parts of it that they’re financing) until the last loan repayment.

It is then returned to whoever will own WSC at no cost. The funding structure can be regarded as a mix of private placement and bond issue.

The funding opportunity is circulated on a simple form amongst the 100 consortium members, who then subscribe according to their individual policies.

WSC, backed by London or its development agency, will be subscribed within a few days and a Letter of Intent issued to WSC’ project managers within ten working days.
After that, it is a matter of standard institutional due diligence, which will take up the five or six months to funding.

Congratulations, Boris and Lord Foster on foresight

So, using just three proven programs from the non-bank finance sector we have funded, in principal, the UK’s new Winston Spencer Churchill airport/hub in/on the Thames Estuary.

Well done, Boris and Lord Foster.  Now, Isn’t it about time to started breaking ground? As we have illustrated, where there is a will there is a way.

For more information >>> Equility Capital Ltd

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