PF Archive

Douro Interior highway PPP signs

26 11 2008

The Eu765 million project financing backing the Douro Interior motorway project in Portugal has reached financial close. The debt has a nominal tenor of 27-years, a margin of 230bp over Euribor ratcheting over time to 250bp, with a cash sweep at year 8. Given the healthy pricing and the shift in refinancing risk via the cash sweep to the sponsors, the terms of the deal did not need changing since banks committed on 13 October. Sponsored by Mota-Engil, Opway and Monte...