17 December 2004 – LAWFUEL – First for law news – Allen & Overy has advised Lloyds TSB on the provision of £51,000,000 credit facilities as the lender to C2C Water in relation to Project Aquatrine (Package C). Coast to Coast Water Limited is owned by Severn Trent Water Services plc and Costain Group plc.
Project Aquatrine is the UK’s largest water PFI Project estimated at £2.3 billion over a 25 year period and transfers responsibility for the operation and maintenance of the Ministry of Defence’s (MOD’s) water and wastewater assets and infrastructure in Great Britain, including the associated environmental liabilities, to private sector providers. Package C was the final phase of the project and covers territories in the North and North West, East Anglia and the South East of England.
Commenting on the transaction, Calvin Walker said: “We were delighted to assist Lloyds TSB and C2C Water close this long-running transaction. The scale and value of the operating and maintenance contracts are very large and there were a number of complex legal hurdles to overcome.”
The Allen & Overy team was led by Projects partner Calvin Walker, assisted by associates Rachel Paris and Kate Cahill.
Clifford Chance LLP advised the project company. Denton Wilde Sapte advised the MoD.
For further information, please contact Jo Shepherd ([email protected]) in London on +44 (0)20 7330 2195 or on +44 (0)7771 896 290.