Centrus advises Electricity North West on successful £68m index-linked swap restructuring

Transaction Overview

Electricity North West Limited (“ENW”), the owner and operator of the North West’s electricity distribution network, connecting more than 5 million people in the region to the National Grid, recently completed the restructuring of £68m of their long-dated index-linked swaps. The transaction was based on a bifurcation into on-balance sheet and institutional swaps, with the purpose of removing mandatory breaks scheduled for 2019.

Our Role

Centrus provided support and financial advice to ENW covering:

  1. The evaluation of potential swap solutions, including both on-balance sheet and bifurcated structures,
  2. Counterparty risk analysis under different scenarios including within the context of the existing portfolio
  3. Support with the institutional solution investor approach
  4. Management of swap execution strategy
  5. Assistance with the detailed documentation required throughout the transaction

“This is the third time that Centrus has supported the Electricity North West group in successfully implementing a bifurcated derivative structure which demonstrates our capability in specialist capital market and derivative advisory and also shows the continued accessibility of the investor pool in this limited market.”

Geoff Knight, Managing Director – Centrus

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