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Andium Homes Ltd: Request for Borrowing Consent

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A decision made on 20 December 2021

Decision Reference: MD-TR-2021-0152

Decision Summary Title:

Andium Homes Ltd – Request for Borrowing Consent.

Date of Decision Summary:

20th December 2021

Decision Summary Author:

Head of Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Andium Homes Ltd – Request for Borrowing Consent.

Date of Written Report:

20th December 2021

Written Report Author:

Head of Shareholder Relations

Written Report:

Public or Exempt?

Exempt

Articles 26 and 33

Subject:

Andium Homes Ltd (“Andium”) – Request for Borrowing Consent.

 

Decision(s): 

The Assistant Minister for Treasury and Resources decided to provide consent under Section 13.1 of the Memorandum of Understanding (“MoU”) between Andium and the Minister, for Andium to enter into an Amendment and Restatement Agreement, whereby the Revolving Credit Facility (“RCF”) of £150 million approved pursuant to MD-TR-2020-0014 is renegotiated and extended by an additional £75 million, with a £25 million accordion feature, for a period of 5 years.

 

The approval to be subject to the following conditions:-

 

  • Andium to continue to comply with the requirements of Section 13.1.7 of the existing MoU and clause 7.1 Schedule 2 of the proposed new MoU, for any projects not previously approved by the Guarantor, as part of a Strategic Business Plan.

 

  • No guarantee (explicit or implicit) nor letter of comfort to be provided by the States of Jersey. 

 

  • The RCF to be provided solely by Jersey based banks registered with the Jersey Financial Services Commission and to be syndicated between a minimum of two finance providers.

 

Reason(s) for Decision:

Section 13.1 and specifically 13.1.6 of the existing MoU between the Minister and Andium requires that Andium seek the consent of the Guarantor before it, “Borrows any material sum ….”.

 

 

 

In addition, clause 7.1.5. of Schedule 2 of the proposed new MoU requires that Andium seek the consent of the Guarantor before it “borrows any sum or factors any Material book debts,….”.

 

 

Resource Implications: 

There are no resource implications for the Government of Jersey arising from this decision.  All finance costs in relation to the RCF will be borne by Andium.

 

Action required:

Head of Financial Governance to inform the Head of Shareholder Relations that this decision has been approved.

 

Signature:

 

 

Position:  Deputy L. Ash, Assistant Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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