Macquarie Capital raises nearly EUR 1bn for complex road PPP

03 December 2019 - 12:00 am UTC

Macquarie Capital has reached financial close on the EUR 850m A9 Amstelveen motorway PPP in the Netherlands, raising close to EUR 1bn of debt despite the withdrawal of one of the lenders.

The infrastructure investor said on Tuesday (3 December) that the VEENIX consortium, which also comprises FCC, Siemens and project delivery firm Count & Cooper, sourced the debt from seven lenders.

The EUR 989m debt package for the PPP, which involves the expansion and upgrade of the A9 road between Badhoevedorp and Holendrecht, south of Amsterdam, from three to four lanes in each direction, included a circa EUR 680m, 21-year term loan, two sources close said.

This loan comprised a EUR 170m fixed rate facility from MEAG, a EUR 70m floating rate loan from KfW and EUR 340m from the European Investment Bank, according to the sources.

Pricing for the long-term debt was in the low 100bps, said the sources, in line with the EUR 1bn Blankenburg Tunnel which was the latest Dutch transport PPP to reach financial close.

Dutch bank BNG was expected to provide long-term debt on the A9, but it withdrew days before financial close, the sources said. MEAG and KfW were asked to top up their commitments following BNG’s departure, the sources added.

Macquarie also raised a milestone bridge facility of EUR 100m from Credit Agricole, La Banque Postale (EUR 10m), DZ Bank and SMBC. This facility will be repaid by the Dutch state, according to the statement and the sources.

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