- What Aviva Investors completes £85m refinance deal
- Why New facility in place for six police centres
- What next Fixed-term, fixed rate loan replaces floating rate debt
Aviva Investors, on behalf of the annuity business of Aviva UK Life, has provided an £85m refinancing facility for six operational police centres.
The senior fixed-rate term-loan facility refinances the centres, which are located across Norfolk and Suffolk, following the original financial close in 2010 on a standard form project agreement with Norfolk Police Authority and Suffolk Police Authority.
The new facility has replaced an existing floating-rate debt and swap arrangements. The deal is Aviva Investors’ fifth deal in the “blue light” sector.
Located at Wymondham, Aylsham, Great Yarmouth, Ipswich, Bury St Edmunds and Kings Lynn.
Darryl Murphy, head of infrastructure debt at Aviva Investors, said: “This refinancing enhances value for money of the project to the public sector. We continue to have strong appetite for similar opportunities for our clients and expect the investment to provide strong, long-term revenues to support the Aviva annuity business.”
Marcus Mollan, director, annuity asset origination at Aviva, added: “Aviva is very pleased to have been chosen to provide this long-term, lower-cost re-financing for the Norfolk and Suffolk police investigation centres. This investment is an important addition to our annuity fund’s diverse infrastructure portfolio, which provides finance for a wide variety of long-term infrastructure projects across the UK and overseas.”