PF Archive

Transmontana toll road financial close

15 12 2008

The Portuguese roads sector continues to spawn deal closures despite the liquidity crunch. Last month the Mota-led Douro Interior financing closed. This month Autoestrada Transmontana has closed and a further two closures – Baixo Alentejo in January and Baixo Tejo before year-end – are imminent. The reasons these deals are getting banked are multiple. First, although state-owned Estradas de Portugal – which collects the tolls and then pays availability to the sub-concessionaires - is not guaranteed by the state and theoretically could go bankrupt, logic dictates...