BAM PPP and PGGM have announced that the refinancing of the N33 motorway project in the Netherlands has reached financial close.

The N33, between Assen and Zuidbroek, is a brownfield availability-based PPP project that has been operational since September 2014 and is owned by BAM and PGGM through their successful joint venture BAM PPP PGGM Infrastructure Coöperatie U.A..

The project involved the doubling os the N33. BAM PPP and PGGM will remain responsible for the management and maintenance of the N33 for a period of 20 years.

The doubling of the N33 is the result of cooperation between the Dutch Highway Authority, the Provinces of Groningen and Drenthe, the Municipalities of Assen, Aa and Hunze, Veendam and Menterwolde. The costs of the doubling were estimated at more than €200 million (US$212 million), of which 50% was financed by the provinces and municipalities. 

Rubicon Infrastructure Advisors advised the company in the refinancing.

Following a funding process carried out by Rubicon, a European bank was selected as the mandated lead arranger to provide the funding alongside Stichting Depositary APG Alternative Inflation Pool (APG). Rubicon managed to achieve improved terms to the existing commercial facility.  

This is the third refinancing in the Netherlands completed by Rubicon in the last 4 months.

As we reported in February, Rubicon advised BAM PPP and PGGM on the refinancing of the A12 motorway and in December, the company advised the JV in the refinancing of the Poort van Den Haag B.V. (PvDH), a fully operational availability-based PPP Court Project.