DIF Infrastructure II completes the refinancing of two Belgian PPP projectsdoor Tim Kesler op 17 jan 2017, 10:39
Schiphol, 17 January 2017 – DIF has recently completed the refinancing of the Stelplaatsen Cluster 1 and Noord-Zuid Kempen projects in Belgium. Taking advantage of the prevailing low interest rates and the competitive bank market environment, financing terms and conditions on both projects have materially improved.
The Stelplaatsen Cluster 1 project concerns a DBFM for three bus depots in Brugge, Zomergem, and Overijse, whereby the bus depots are used for storage, cleaning and repair of the buses. DIF Infrastructure II s 91% shareholder in the project. The contracting authority is the Flemish government transport company “De Lijn”.
Original financial close was reached in June 2010. AG Insurance, as new and sole lender to the project, provided a EUR 40.5 million 19.25 year debt facility to refinance the existing debt facility.
Financial close of the refinancing occurred on 6 December 2016. Rebel Group (financial) and Clifford Chance (legal) acted as advisors to the sponsors. Nauta Dutilh (legal), Faithful & Gould (technical), and Marsh (insurance) acted as advisors to the lender.
The Noord-Zuid Kempen project concerns a DBFM for a road between Geel and Kasterlee in the Flemish Kempen region. DIF Infrastructure II is a 50%+1 share shareholder. Participatiemaatschappij Vlaanderen (“PMV”) holds the remaining shares.
Original financial close occurred in October 2011. Project completion occurred in June 2014. The contracting authority is the Agentschap Wegen en Verkeer. ING Belgium N.V., KBC Bank N.V., AG Finance N.V., and Argenta Spaarbank N.V. as Mandated Lead Arrangers provided a EUR 206 million 26.5 year debt facility to refinance the existing debt facility.
Financial close of the refinancing occurred on 10 January 2017. KPMG (financial) and DLA Piper (legal) acted as advisors to the sponsors. Clifford Chance (legal), MottMacdonald (technical), and AON (insurance) acted as advisors to the lenders.
DIF is an independent and specialist infrastructure fund management company, managing funds of approximately €3.3 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, renewable energy assets and other core infrastructure assets in Europe, North America and Australia.
DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.
For more information, please contact:
Paul Nash, Partner
Allard Ruijs, Partner