Press Release
18 January 2007
McGrigors close first Austrian PPP deal
McGrigors has further underlined its strength in the PPP/PFI sector by acting for European Investment Bank, in closing a 945 million Euros PPP deal for a major road project in Austria.
The deal is Austria’s first ever public private partnership project and will see construction of a section of 51km of road, including the north-east section of the Vienna ring-road and motorway from Vienna towards the Czech Republic. It is expected that work will begin early in 2007. Funding for the project is being provided by European Investment Bank and through a public bond issue arranged by Deutsche Bank, with payments in respect of the bonds and the EIB funding being guaranteed by Ambac Assurance.
For McGrigors this deal represents further evidence of the firm’s burgeoning reputation on PFI/ PPP projects and its growing practice in large transport and infrastructure projects across the European Union.
The project is a further example of McGrigors co operation in PPP with the European Investment Bank, the long term financing institution of the European Union.
Ale Jan Gercama at the European Investment Bank said “It has been a pleasure closely working with the McGrigors team in this financing for the land-mark Austrian Road PPP”.
Stephen Tobin, Partner, Banking & Finance, who led the transaction for McGrigors said
“We are proud to have been involved in the closure of this historic deal for European Investment Bank that will see Austria’s first ever PPP deal. This deal marks McGrigors successful move into the European PPP field at a time when the PPP/ PFI funding model is increasingly seen as an important procurement tool to develop the infrastructure assets of the European Union.”For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com