Financing successfully closed for the Dutch Second Coentunnel Project in Amsterdam, one of the largest Dutch PPP projects ever

On 10 June 2008, Fortis, BayernLB, the Royal Bank of Scotland, Bank Nederlandse Gemeenten , KfW IPEX-Bank , European Investment Bank  and Coentunnel Company Consortium have successfully closed EUR 550 million Senior Debt facilities and EUR 21 million Mezzanine facilities for the financing of the Second Coentunnel Public Private Partnership (PPP) project in Amsterdam.

 

The Coentunnel Company consortium consists of several leading market players in the European PPP market, including Vinci Concessions (represented by its 100% subsidiary European Infrastructure Investment BV), CFE, Besix Group, Dredging International, Dura Vermeer, TBI and Arcadis.

 

Fortis has been mandated as Facility Agent, Security Agent and Intercreditor Agent for all financing facilities. BayernLB is acting as Technical and Insurance Bank and the Royal Bank of Scotland as Modelling Bank. The documentation bank role is shared between BayernLB, Fortis and RBS.

 

The senior debt facilities are granted by Fortis, BayernLB, the Royal Bank of Scotland, Bank Nederlandse Gemeenten ,  KfW IPEX-Bank and the European Investment Bank. The mezzanine facilities are provided by Fortis and BNG. Fortis grants the Equity Bridge Facility.

 

Clifford Chance acted as legal advisor to the consortium. Denton Wilde Sapte LLP and Nauta Dutilh acted as lenders' legal advisors.Rabo Bank and RebelGroup acted as financial advisors to the consortium.

 

The project involves the renovation of the existing Coentunnel and approach roads, the construction of the Second Coentunnel and the maintenance of both tunnels under a DBFM (Design, Build, Finance and Maintain) contract between Coentunnel Company and the Dutch State. The Second Coentunnel is one of the largest Dutch PPP projects ever.

 

 

 

 

N.V. Bank Nederlandse Gemeenten (BNG) is the bank of and for local authorities and public sector institutions. BNG's mission is to help to minimise the cost to the public of social provisions. 

Half of the bank's share capital is held by the State of the Netherlands, the other half being held by municipal authorities, provincial authorities and a water board. The shares are not listed. 

BNG's clients are comprised of local authorities, housing, healthcare and educational institutions and public utilities. BNG provides customised financial services ranging from loans and funds transfers to consultancy, electronic banking and investments. BNG also participates in projects within the framework of public-private partnerships.  

BNG-issued debt securities are rated triple A by Standard & Poor's, Moody's and Fitch. In addition, the bank has been awarded the highest Financial Strength Rating (A) by Moody's and the highest Individual Rating (A) by Fitch.

 

Bank Nederlandse Gemeenten Press contacts:
Charro Dammers, Head Marketing and Communication,

Tel. (070) 3750 609 - Fax (070) 3655 178 e-mail: charro.dammers@bng.nl.

 

With more than EUR 415 billion in total assets, BayernLB is one of the largest banks in Germany. Operating in close association with the 75 Bavarian savings banks and the other partners of Sparkassen-Finanzgruppe Bayern it is the market leader in Bavaria. BayernLB focuses on its core market of Bavaria and bordering regions, and operates is own entities and representative offices in selected international financial centres, such as London, Luxembourg, Milan, Paris, Zurich, Montreal, New York, Hong Kong, Beijing, Shanghai and Tokyo. This network is supplemented by numerous partnerships with well-known, leading banks in their home markets. Its outposts in Eastern Europe are MKB Bank and Hypo Group Alpe Adria. BayernLB is the central institution of Bavarian savings banks and the principal bank to the Free State of Bavaria and serves state and local governments, financial institutions, medium and large companies and real estate customers. The market development within the Group is supported by national and international subsidiaries which are entrusted with a considerable share of the Group's retail activities. Within the BayernLB Group, Deutsche Kreditbank AG, Berlin, acts as an internet based, multifunctional bank that is very successful in the direct banking segment. BayernLB is jointly owned by the Free State of Bavaria and the Association of Bavarian Savings Banks, each with a 50 percent stake.

 

Dominik Lamminger : Tel.: +49/89 /2171-21311, email: Dominik.Lamminger@bayernlb.de)

 

 

 

Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. Fortis ranks among Europe's top 20 financial institutions, with a market capitalisation of EUR 34.6 billion (31/05/2008). Together with ABN AMRO, we have a presence in over 50 countries and a dedicated, professional workforce of more than 85,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at www.fortis.com.

 

Brussels: +32 (0)2 565 35 84           Utrecht: +31 (0)30 226 32 19

 

 

 

KfW IPEX-Bank GmbH is 100% subsidiary of KfW Bankengruppe (KfW banking group) and specialises in the financing of corporate and infrastructure investments in Europe as well as the financing of exports, large projects and investments by European companies abroad. With more than 50 years of experience and a portfolio of approximately EUR 61.8 billion (as of December 31, 2007) it is one of the leading addresses in this market. In 2007 KfW IPEX-Bank made new commitments for a total of EUR 16.1 billion. The products of KfW IPEX-Bank are tailored to the needs of large or medium-sized companies in the areas of basic and manufacturing industries, commerce and health, power, renewables and water, telecommunications, media, shipping, aviation, rail and road, ports, airports, real estate and construction industry/PPP.

 

KfW IPEX-Bank GmbH  Press Contacts:  

Dela Strumpf  :  Tel.: +49 69 7431 2984   E-mail: dela.strumpf@kfw.de

 

 

 

The Royal Bank of Scotland is one of the world's large financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance and wealth management services.  In 2007, RBS, in conjunction with Fortis Bank and Banco Santander acquired ABN Amro.

 

RBS Global Banking & Markets is a leading banking partner to major corporations and financial and governmental institutions around the world. It provides a full range of debt financing, risk management and investment services. Its approach is built on innovative and flexible thinking, extensive resources and an unrelenting focus on client relationships.

 

Ila Kotecha -Media Relations Manager  : Tel. + 44 20 7672 1917  Mob : + 44 (0) 7799 582003   

Fax. + 44 20 7672 1933  E-mail. Ila.Kotecha@rbs.co.uk