The private equity firm may go the extra mile to push the buyout through in the face of a reduced debt package. Keeping Abertis’ credit rating at investment grade post-buyout is another concern, with asset sales being discussed to help fund the deal.
The Inspire Partnership consortium, comprising Babcock & Brown spinout Amber Infrastructure and developer Shepherd Construction, have announced financial close of the Liverpool Library private finance initiative. The project includes £51m of debt from Nationwide and Helaba.
The European Bank for Reconstruction and Development and World Bank unit the IFC have jointly raised €200m from a group of eight commercial banks in support of Russia’s Pulkovo airport PPP, which will see the reconstruction and expansion of the St Petersburg airport.
GCP Infrastructure Investments, a new infrastructure debt vehicle set up by fund manager Gravis Capital Partners, has raised £40m from an initial public offering on the London Stock Exchange. The fund aims to provide subordinated debt to UK private finance initiative projects.
The global head of Clifford Chance’s private funds group, Jason Glover, will establish a UK practice for Simpson Thacher & Bartlett.
Matthew Hudson, formerly of SJ Berwin and Coller Capital, has founded a law firm which will charge fees based on clients’ success rather than billable hours.
Russia has risen to the top of InfrastructureInvestor Assets’ league table with $12bn of deals closed during the second quarter of 2010 including Nord Stream, Pulkovo Airport and two road concessions.
French rail agency RFF has officially awarded a €7.8bn contract to build and operate a 300-kilometre high-speed rail line connecting the western cities of Tours and Bordeaux.
A survey of European investors in infrastructure by placement agent Probitas Partners has discovered a preference for independent, global funds and ten-year fund durations. It also found that most European limited partners have dedicated allocations for infrastructure.
Moser, formerly co-chair of Fulbright & Jaworski’s global infrastructure group, has joined rival law firm Bingham McCutchen as a partner in its New York office. He will join Bingham’s energy and project finance group as part of the firm’s strategy of expanding its project finance practice.
Susan Flynn has left her role as co-CIO at fund of funds Hermes GPE. Flynn, who worked alongside Peter Gale, led the firm's secondaries and infrastructure activities.
Two of Eaton Partners’ former European fundraisers have set up London-based placement agent Threadmark.
The 53km road in the south of Finland is part of European Road 18 and will require capex of €285m. Part of the concession, which will last for 15 to 25 years, will require greenfield construction with the contract to be backed by government availability payments.
The IFC has sold to Mizuho a funded risk participation in US dollars for a portion of an Indian rupee-denominated loan used to finance India’s first electricity transmission project. The deal is expected to pave the way for foreign banks to help fund projects in emerging markets without any need to fund in local currency.
The French brownfield fund has reached final close on schedule at €1.08bn, surpassing its original €1bn target by €80m. Just under half of Cube’s investors come from North America with 33% from France.