07 March 2003
Troubled support services firm Amey has put together an emergency refinancing deal which may enable it to buy back into the London Tube's public-private partnership.
The arrangement with Barclays Bank and Bank of Scotland gives Amey a new £221m borrowing facility following the breach of its covenants on its existing loans last year.
The move comes at the same time as the firm's sale of its Private Finance Initiative stakes – excluding the Tube – to Laing for £30m.
Amey, part of the Tube Lines consortium which signed to take over maintenance of three lines in December, needs £60m to buy back into the project. Its consortium partners covered its initial stake.
PFmar2003
