Aviva Investors has provided an £85 million ($109 million) senior fixed-rate term-loan facility, refinancing six operational police investigation centers (PICs) across Norfolk and Suffolk, on behalf of the annuity business of Aviva UK Life.
The facility was used to refinance existing floating-rate debt and swap arrangements and is Aviva Investors’ fifth deal in the “blue light” sector.
Located at Wymondham, Aylsham, Great Yarmouth, Ipswich, Bury St Edmunds and Kings Lynn, the PICs originally reached financial close in 2010 on a standard form project agreement with Norfolk Police Authority and Suffolk Police Authority.
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.”
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