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Fortis on the restructure of the LOBO

Fortis Living has removed the optionality on its LOBO loan with Barclays, restructuring it into a 52 year fixed rate loan with a coupon of 5.017%. The restructure of the LOBO removes a significant degree of uncertainty from Fortis’s treasury portfolio and provides the business with greater clarity in terms of its future interest rate risk management strategy.

Centrus advised Fortis on the restructure of the LOBO, underlining its expertise in relation to complex derivatives transactions and LOBOs in particular, having previously advised Network HA and Thames Valley HA on similar transactions.