Zagreb airport signed
Final closing on Croatia’s Zagreb Airport deal has been reached. The sponsor group including Aeroports de Paris, Bouygues, Marguerite, the IFC, TAV Airports and Viadukt closed the financing of the construction and operation of a new airport terminal with an investment of €331m, including €243m of new capex and €88m for maintenance. The project is financed with €195m of 17-year debt, provided by the EIB (€80m), IFC (€35m), Deutsche Bank (€40m) and UniCredit (€40m). UniCredit is also providing a €3m 4.5-year VAT facility.
Top Stories
Financings in the pipe
Financing the gas infrastructure network between the US and Mexico has become a main theme as the year draws to an end. Attractive assets have been combined with interesting financial structuring. By Alan Gersten.
SK roads join refi boom
Two significant South Korean roads have refinanced to obtain better market terms. The new deals were financed by a mix of banks and institutional investors. By John Arbouw.
TEM in race to close
In one of the largest toll road PPP deals in the Italian market, the sponsors and lenders involved in Milan’s ring road Tangenziale Esterna (TEM) are attempting to close a €1.25bn debt financing for the €2.1bn motorway. By Stefano Berra.
Features
Towers in Africa – The next phase
By Daniel Metcalfe, a partner in Norton Rose Fulbright’s infrastructure practice, specialising in emerging markets financing and with particular experience in the telecoms sector.
LNG – Surprises are the new norm
The CWC World LNG Conference was held in Paris on November 19–21 2013. As the number of global-sized LNG schemes continues to grow, the conference provided a useful update on current market issues. By David Ledesma, South-Court Ltd*.
Global Energy Report 2013
PFI Global Energy Report 2013
The project finance market has been excited over the last few years by the funding of a range of world scale energy projects, culminating in the US$35bn Ichthys LNG scheme from late last year.
Middle East & Africa Report 2013
PFI Middle East & Africa Report 2013
Project finance has, to some extent, returned to its roots in recent years with the technique being used to fund major capital expenditure projects in the emerging markets. The Middle East & Africa region is one such market - where project finance has been successfully used in the past and the prospects for using it in the future look bright.
PFI European Report 2013
The project finance market in Europe is in state of flux in 2012. On the one hand austerity programmes are leading to budget cutbacks and fewer projects on the infrastructure side. Reductions in renewable tariffs are hitting the green energy arena, again leading to fewer projects. But on the other hand, infrastructure is central to the calls for an economic growth agenda and with sovereign budgets tight, the use of private finance will be critical to financing new deals.
PFI Global Infrastructure Report 2013
The global infrastructure funding market has been knocked sideway by the financial crisis but is now emerging from this period in a healthy state. Banks have become competitive once again, albeit on different terms, the capital markets have re-emerged as an important source of liquidity and the infra fund sector has developed into vibrant participant.
PFI India Report 2013
India and its infrastructure road map have hit a rough patch. The Indian government urgently needs to get past those political squabbles so it can focus on the policies that are much needed to help investors. There is still a lot of work needed to be done to raise the estimated US$1tr funding requirement.
