Europe awards: project finance

Author: | Published: 18 Mar 2010

Project finance deals of the year

L-R: Johnny Myers of Clifford Chance, Nicholas Bliss of Freshfields, Elizabeth Fournier of IFLR
WINNER: A5 motorway PPP

The A5 motorway project in Germany was the first to combine EIB senior debt with a loan guarantee for trans-European transport (LGTT), and the first A model where a financial investor became co-sponsor of the project.

The LGTT is offered to sponsors, project companies and investors involved in project with traffic risk and uses contingent mezzanine financing to absorb the risk. This encourages lending on traffic projects as it removes risk from the senior lending banks, but means a complex intercreditor agreement had to be developed for the extra layers of debt.

Clifford Chance - bank consortium
Freshfields - sponsors
Simmons & Simmons - EIB
DLA Piper - Strabag
Norton Rose - German Federal Ministry of Transport, Building and Urban Affairs

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