THE FINANCING OF THE SUPERSTRADA PEDEMONTANA VENETA WAS MADE POSSIBLE BY AN INNOVATIVE STRUCTURE, ADAPTING PROJECT BOND ECONOMICS TO MEET THE CHALLENGES OF GREENFIELD MOTORWAY CONSTRUCTION. BY VALENTINA VANGELISTA, JP MORGAN, AND UMBERTO ANTONELLI, PARTNER, ASHURST MILAN.
Size matters – but innovation, strong marketing and a willingness to take on risk are the key traits that this year’s winners of the TXF Perfect 10 Deals of the Year all share.
Superstrada Pedemontana Veneta wins 2017 Transport Project Financing of the Year award.
It was a long time in the making but Sacyr and Fininc finally closed the Pedemontana-Veneta highway PPP in northern Italy in late November on EUR2.57 billion. The project, which was the subject of legal proceedings earlier in the year, was financed in part through a EUR1.57 billion bond issuance, one of the largest for a European greenfield project.
The bond came in two tranches: EUR1.22 billion in senior bonds due 2047 with a 5% coupon and EUR350 million in subordinated bonds, due in 2027 with a 8% coupon. The issuance drew wide-ranging institutional interest, including from Melbourne-based Westbourne Capital. The multi-state-backed Marguerite Fund was also one of the largest investors.
The 39-year concession will involve building 162km of roadway between the Vicenza and Treviso provinces, including two tunnels and 68km of secondary roadways. Following extensive negotiations, revenues will be generated by a combination of tolling and availability payments.
London (February 2018) – Circuitus Capital LLP is proud to announce and welcome Paul Hatter as the Firm’s Chief Operating & Risk Officer, effective 12 February 2018. Paul will be responsible for managing all operational and governance aspects of Circuitus Capital. Paul will sit on the Firm’s Investment Committee, which oversees value creation in private equity investments in infrastructure and real assets.
Paul joins Circuitus Capital from the Investor Forum CIC, where he spent 2 years as COO setting-up from scratch all operational and financial procedures for the business. Previously Paul had a long career at UBS, where he was Managing Director and Deputy Chief of Staff to the CEO of the Investment Bank. Over a 15 year period he built a reputation for successfully managing large scale projects over much of the infrastructure of the investment bank, as well as streamlining its governance and committee structure. During this period he also spent 2 years in Brazil as Integration Director following UBS’s acquisition of a private bank.
Paul has a degree in Accounting and Finance and is a Chartered Accountant.
Paul will bring significant operational expertise to Circuitus Capital taking over all AML, regulatory and compliance functions.