Realizing a Record-Setting Deal
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The deal is valued at approximately EUR1.6 billion. Dealogic considers this deal the largest road financing globally, one of the top ten global project finance deals across all asset classes, and the second largest project financing in Europe in the first half of 2009.
Baker & McKenzie, together with Squire, Sanders & Dempsey acted for Autostrada Wielkopolska S.A, which as was granted the concession to construct and operate of two sections of this motorway. The firm also advised Kulczyk Holding, Meridiam and Strabag, the project sponsors and shareholders of Autostrada Wielkopolska S.A.
The project will complete the 358-kilometre stretch of motorway that will connect Warsaw and Berlin in time for the European football championships in Poland in 2012. This road section is part of the Berlin to Moscow highway.
The deal used a public-private partnership model, with funds for the project being made available by the European Investment Bank and some 13 commercial banks, and the Government of Poland agreeing to pay availability fees to Autostrada Wielkopolska II S.A. for its services.
London Partner Ian Jack, who led the English law financing aspects of the transaction, commented: "The financing was put together in an extremely short time frame in a very difficult lending market, and involved balancing the expectations of lender groups with distinct risk perspectives and those of a sovereign state."