Deal of the month: Metropolitana Milanese water bond

Author: | Published: 26 Jan 2017

Metropolitana Milanese, concessionaire of Milan’s water services network is one of the first Italian public entities to venture into the debt capital market

Metropolitana Milanese has issued the first water bond which will take advantage of Italy's amended project bond law.

The engineering company will use the proceeds of the €100 million deal to fund investment in upgrading Milan's water services system and refinance existing debt, including a €15 million bridge loan taken out with Banca IMI.

Metropolitana Milanese was one of the first beneficiaries of the more relaxed bond issuance regime set out in the new project bond law. The legislation, which was reviewed in 2014, aims to encourage the private sector to participate more actively in developing infrastructure projects, and mirrors similar initiatives adopted at EU-level. Other companies to have used the framework include CAV, for the construction of the Passante di Mestre toll road on the...



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