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Record Ref : FOI 7699
Date Received : 11/12/2019
Date Completed : 13/01/2020
Organisation : Penningtons Manches Cooper
Application Type : Company
Category : Expenditure, Budgets and Income
Question

1. How many LOBO loans has the Merthyr Tydfil County Borough Council entered into? 2. In relation to question 1 above, in respect of each LOBO Loan: a. On what date was the loan documentation signed? b. Which financial institutions acted as the lenders? c. Did you receive any financial advice before entering into the LOBO Loan, and if so, from which organisation? d. Has the lender exercised their option under the LOBO Loan and increased the interest rate? 3. If the answer to question 2(d) above is yes, did the Merthyr Tydfil County Borough Council opt to continue with the LOBO loan at the increased rate of interest, or repay the loan? 4. If the answer to question 3 above is that the Merthyr Tydfil County Borough Council opted to repay the loan, were any early repayment penalties applied by the lender?

Answer

1. Merthyr Tydfil County Borough Council has entered into 2 loans. 2. a. The loan documentation for both loans was signed 19/02/2004. b. The initial counterparty for both loans was Dresdner Bank AG London Branch. c. The Council did receive financial advice from Sector Treasury Management Consultants. d. The lender has never increased the interest rate on the loans. 3. N/A 4. N/A