Monday, 23 September 2019
Tottenham Hotspur FC has raised a £637m US private placement (PP) and bank finance to refinance the £400m construction loan on its new stadium. The all-in weighted average debt cost is 2.66% and the average maturity is 23 years. The longest maturity on the deal is 30 years. The PP totals £525m and was led by Bank of America Merrill Lynch with HSBC as the co-placement agent. BAML provided a £112m bank facility. The deal obtained an investment-grade rating from two agencies.
Using technology to improve infrastructure development and procurement. By Dimitri Papaefstratiou, partner, DLA Piper and Vicky Kefalas, head of investments, developments and projects at Consolidated Contractors Company (CCC), the Middle Eastern construction conglomerate.
Latham & Watkins, international legal counsel to the sponsor and the borrower in the financing of the Jambaran-Tiung Biru Project, provides an overview of the deal and insight into some of its notable features. By Clarinda Tjia-Dharmadi, partner, Tim G Fourteau, counsel, and Meredith Strike, associate.
The global infrastructure market in 2019 has seen a range of deals financed and plenty of new plans hatched. The problems in the contracting sector remain, however. PFI’s Global Infrastructure Report 2019 case studies leading deals such as Gordie Howe, Florida Rail, Paraguay’s Corredor Bioceanico, Shuqaiq IWP, Tours-Bordeaux and Belgrade Airport. Themes such as China’s Belt & Road and Thailand’s Eastern Economic Corridor are examined and the problems with US and Australian construction projects are revealed.
The renewables sector remained the most vibrant energy market over the past year, while the TAP pipeline brought back attention to mega oil & gas projects. PFI’s Global Energy Report 2019 looks at emerging renewables markets, such as Poland and Vietnam, alongside established ones, such as Belgium and Scotland, with an eye on the boom under way in Spain and Australia. The report examines new structures such as US energy P3s and Asian Green bonds and offers an outlook on LNG and FPSO financings.
Welcome to the 2019 Thomson Reuters Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2018, through case studies and the PFI Awards, and look forward into 2019 with interviews and articles in the Global section of the book.
The global banking market is awash with liquidity right now as central banks push deposit rates further into negative territory. Finding a home for money on deposit is not simply a case of going green.
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