Northern Capital Gateway consortium, EBRD and IFC, a member of the World Bank Group, have successfully closed the EUR 200mn syndication of the commercial bank B-loan tranche for the financing of the Pulkovo airport reconstruction project. The commercial banks participating in B-loan are: UniCredit Group (EUR 55mn), Standard Bank plc (EUR 39mn), Espirito Santo Investment plc (EUR 23mn) and Nordea Bank AB (EUR 23mn) as Bookrunners and Mandated Lead Arrangers; DZ Bank AG Deutsche Zentral-Genossenschaftsbank (EUR 17mn), KfW IPEX-Bank GmbH (EUR 16mn), MEDIOBANCA-Banca di Credito Finanziario S.p.A. (EUR 13.5mn) and Raiffeisen Zentralbank Österreich AG (EUR 13.5mn) as Mandated Lead Arrangers. The tranche was twice oversubscribed and the commitments submitted by the banks had to be scaled down.
The total cost of the Pulkovo airport modernization and reconstruction project is EUR1.2bn, of which over EUR 700mn is financed through limited recourse long term senior debt with no government grants or subsidies involved in the financing.
The airport project is managed by Northern Capital Gateway Ltd. an international consortium, consisting of VTB Capital, Fraport AG (the owner and operator of Frankfurt airport) and Copelouzos (a Greek financial and industrial group).
Oleg Pankratov, Co-Head of Global Banking and Head of Infrastructure Capital, VTB Capital, said: “The Pulkovo airport project financing attracted interest not only from international multilateral institutions and development banks, but also from the western commercial banks, which offered to commit to the transaction twice the amount of the syndicated loan. We are extremely pleased that the market confirmed our belief in the success of our project. We are certain that the success of the Pulkovo project will pave the way for commercial long term debt financing for other infrastructure projects in Russia”.
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