BAM-PGGM Iridium reaches financial close on N25 New Ross Bypass in Ireland
The National Roads Authority (otherwise known as Transport Infrastructure Ireland) and a BAM PPP PGGM Iridium consortium have reached Financial Close on the N25 New Ross Bypass PPP scheme in Ireland.
The €230 million (total investment) project involves the design, construction, financing, operation and maintenance of approximately 13.6 km of new dual carriageway (N25 & N30 routes) and 1.2 km of new/upgraded single carriageway (New Ross N30) route and various structures (junctions and road bridges), the most notable of which is the 887 m River Barrow crossing, a three tower extradosed bridge.
The bridge will extend from Pink Point in Co. Kilkenny to Stokestown in Co. Wexford and will be the longest of its type in the world. The N25 road forms part of the comprehensive TEN-T (Trans European Transport) network.
Construction will be undertaken by a BAM Civil Ltd and Dragados Ireland Ltd joint venture and will commence on site in March 2016, with the project expected to support in the region of [2,600] jobs across Ireland. The Operations phase will commence in January 2019, followed by a 25 year concession period.
Funding for the transaction involves a combination of long term debt in the form of bonds, and equity, with the senior debt supported by the European Investment Bank’s (EIB’s) project bond credit enhancement (’PBCE’) mechanism.
The bonds, rated provisional Baa1(stable) by Moody’s Investor Service, and to be listed on the Frankfurt Stock Exchange, are pre-agreed to be sold to investors managed by Allianz Global Investors GmbH. Listing and a definitive rating will take place post Financial Close. ProjectCo will issue €146 million fixed-rate senior secured debt in the form of fully amortising bonds, purchased on a deferred basis, and the New Ross N25 road is the first project in Ireland to benefit from the EIB’s PBCE initiative. BAM PPP PGGM Infrastructure Coöperatie U.A. and Iridium Concesiones de Infraestructuras S.A. are committing €17 million in equity to the Project.
Consultants include: Legal Advisers Ashursts (Sponsors) and Pinsent Masons (Lenders) as well as Financial Adviser PWC. TII was advised by Legal Advisers McCann Fitzgerald and Financial Advisers NDFA (National Development Finance Agency).
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