The DBFM project A1/A6 Diemen - Almere Havendreef has reached Financial Close. This project is part of the highway extension program Schiphol-Amsterdam-Almere (SAA). The financing agreements were signed, which marks the successful completion of the tender procedure for the design, build, financing and maintenance of the extension of the A1/A6 Diemen - Almere Havendreef.
The financing comprises long term facilities and short term facilities to bridge the equity injection and the milestone payment at completion of construction works.
The financing was arranged through a club deal by a group of eight commercial banks comprising the Bank of Tokyo-Mitsubishi UFJ, KfW Ipex-Bank, Landesbank Baden-Württemberg, Nord/LB Covered Finance Bank, Sumito Mitsui Banking Corporation, Unicredit Bank, Helaba Landesbank Hessen-Thüringen and Crédit Agricole Corporate and Investment Bank along with the European Investment Bank.
The project reached Contract Close on 12 December 2012 when Rijkswaterstaat, the executive arm of the Dutch Ministry of Infrastructure and the Environment, signed the contract with the winning consortium SAAone. The DBFM-project has a nominal value of more than € 1 billion and a duration of 30 years. SAAone is a consortium comprising of VolkerWessels, Boskalis, HOCHTIEF and DIF.
By reaching Financial Close SAAone has secured the financing and the consortium can now commence with the project activities end 2013.
The Financial Close was achieved within 4 months of the announcement of SAAone as Preferred Bidder. Even in today's volatile financial markets SAAone managed to raise a significant amount of dept, the majority of which was on a very long-term basis, and the strong financial position of each of the four shareholders of SAAone contributed to this success.
Advisors and financial partners
The financial advisor of SAAone was Crédit Agricole Corporate and Investment Bank. Legal advisors were Houthoff Buruma and White & Case, Deloitte was the tax and accounting advisor and PKF was model auditor. The banks' legal advisor was Linklaters (whereas the European Investment Bank (EIB) was advised by Norton Rose), technical advisor was Infrata and insurance advisor was JLT.
Schiphol - Amsterdam - Almere
The project SAA-A1/A6 Diemen - Almere Havendreef is part of the road extension Schiphol - Amsterdam - Almere. In the coming years Rijkswaterstaat will extend the highways on this corridor. This secures that the region remains accessible. At the same time Rijkswaterstaat improves liveability along the highways. Construction activities last until 2020.