Bruno Alves
BBVA, CIC, Dexia, Natixis and SG are backing a consortium led by a subsidiary of Bouygues in the financial close for the 30-year contract to build and operate France’s new Ministry of Defence. The €806m loan will start syndication this month to European banks.
The purchase of G6 Rete Gas from GDF Suez marks the consortium’s third acquisition in the Italian gas distribution sector over the last two years. The deal is set to close in the fourth quarter of 2011.
A club of three commercial banks together with the EIB are providing €298m in debt for a 58-kilometre stretch of the A8 highway, the first project in the second wave of Germany’s A-model highways to reach financial close.
The fund’s last investment comprised £23.5m of subordinated loans to five UK healthcare and accommodation projects. London-based Gravis expects to tap the market again later this year for a fresh round of fundraising.
The EC and EIB’s plans to credit-enhance private sector infrastructure bonds do not guarantee those bonds an A-rating, Fitch has said in a report.
Portugal will have to look into its PPP contracts with a view to ‘reduce the government’s financial obligations’ as part of the €78bn EU/IMF bailout provided to the country. The bailout also encourages the government to try and reduce feed-in tariffs for existing renewable contracts.
The fund is to provide more than £22m in loans this month, after which its capital will be fully invested. London-based Gravis expects to tap the market again later this year for a fresh round of fundraising.
Bad memories of structured investment vehicles and a pricing mismatch between the underlying loans and the margins investors were demanding are said to have ultimately derailed the bank’s efforts to securitise £1.5bn of PFI loans.
Korda Mentha has acted as receiver for a number of distressed Australian toll roads, most recently Brisbane’s ill-fated Clem7 tunnel. Partner Martin Madden talks through a typical process and explains how some lenders can profit from it.
There is good money to be made when infrastructure concessionaires collapse – just look at how quickly hedge funds replaced the 24 lenders on the hook for Australia’s Clem7 toll road.