Sacyr and Fininc reach FC on US$2.9B highway in Italy
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SIS consortium, formed 51% by the Italian Fininc and 49% by Sacyr, has secured the necessary financing to complete the construction of the Pedemontana-Veneta highway PPP in the Veneto Region, Italy.
On November 7, the project company launched bonds for a total value of €1,571 million (US$1,831 million) for the highway project financing, which will have a total investment of €2,500 million (US$2,914 million).
The issuance included two tranches: €1.22bn senior secured notes due 2047 with a 5% coupon and a subordinated debt tranche of €350m due 2027 with an 8% rate.
The global coordinator of the transaction is JPM, as well as Banca Akros, Banca IMI and Banco Santander.
The Pedemontana-Veneta highway project has a total length of 145 km, of which 93 km correspond to the main road and 52 km to secondary accesses. The motorway is located between the existing A4 and A31 highways, crossing the Veneto Region, passing through the provinces of Vicenza and Treviso.
This road will have two tunnels: Tunnel de Malo (6 km) and Túnel de S. Urbano (1.5 km) and eight viaducts along the route, being the longest of 450 meters, on the Brenta river.
The concession model is the toll road, with a duration of 39 years from the project completion, which is scheduled by 2020.
According to sources, the project has suffered significant delays since the launch of the procurement more than 10 years ago. This has been in part because of a legal battle with a bidder and due to banks commitment with the project.
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