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Centrus advises Electricity North West on successful £66m index-linked swap restructuring

On 19th January, Electricity North West, the owner of the North West England based electricity distribution network operator restructured £66m of their long dated index-linked swaps. The re-structuring centred on the removal of mandatory breaks and involved the use of institutional investor demand for swap-backed assets.

Centrus provided financial advice to Electricity North West covering the economic evaluation of the proposal, implementation and the detailed documentation phases.

Partner Geoff Knight, who led on the transaction for Centrus commented, “the restructuring of these index-linked swaps completes a series of successful transactions that Centrus has supported the Electricity North West group with in the last 12 months. This particular exercise drew upon our expertise in debt capital markets and derivatives and underlined the value of our broad advisory franchise to the infrastructure sector”.