Bruno Alves
The VND3.3 trillion BOT deal to expand the National Highway 51 reached financial close on Monday with VND2.4 trillion in debt funding from six local banks. The bank loan covers 72% of the deal with the winning consortium providing the remaining 28% in equity.
The Spanish infrastructure group has received several offers for its 65% stake in Naples airport in a deal that could net the company up to €200m.
The transport ministers of the three Mediterranean countries signed a memorandum of understanding yesterday pledging full political support for a high-speed rail network connecting the three countries. The document also asks the EU to prioritise the rail axis with more funding.
The Australian energy group, jointly owned by Macquarie and AMP Capital, has started a sale process for its 29% holding in Duquesne Light, a transmission company serving close to 600,000 customers in Pittsburgh and surrounding regions.
The German group will list its Australian construction unit – now known as Valemus – in July in a bid to raise up to A$1.4bn.
The listed vehicle – GCP Infrastructure Investments – will be floated on the London Stock Exchange and will serve as a feeder fund for the GCP infrastructure fund, launched around this time last year. It aims to provide subordinated debt to UK PFI projects.
The senior management of HSBC’s infrastructure and real estate arm is in talks with the parent bank regarding a management buyout. The deal would leave HSBC with a 20% stake in its specialist unit and would pre-empt expected regulatory changes that could impact banks’ ownership of private equity vehicles.
S&P has cut the Portuguese toll road operator’s credit rating to BBB- on the back of revised economic prospects for Portugal. Brisa has reacted to the downgrade, accusing the ratings agency of not giving it enough time to adapt to changed liquidity criteria and saying the cut doesn’t reflect its credit strength.
The fund, sponsored by a number of European and North African banks, has reached first close on €385m. InfraMed is targeting €1bn to invest primarily in greenfield infrastructure in the southern and eastern Mediterranean region.
Italian infrastructure fund F2i has teamed up with local utility Iride for a takeover bid for Genoese water company MdA. Following the takeover, the partners will consolidate MdA and stakes in other water utilities in a special purpose vehicle, in which F2i plans to hold a share of up to 40%.