Rubicon Infrastructure Advisors (“Rubicon”) is pleased to announce that financial close has been reached on the refinancing of Poort van Den Haag B.V. (“PvDH”), a fully operational availability-based PPP Court Project in Den Haag in the Netherlands. PvDH is owned by BAM and PGGM through their successful joint venture BAM PPP PGGM Infrastructure Coöperatie U.A.
Following a competitive process conducted by Rubicon, Nederlandse Waterschapsbank (NWB) was selected as the mandated lead arranger to provide the funding which entailed converting an existing floating rate bank facility into a long term (28 years) fixed rate financing.
Christian Kummert, Managing Director and head of the debt advisory at Rubicon was quoted “we are delighted to have closed our first deal in the Netherlands with one of Europe’s most successful developers and pension funds. The favourable terms obtained for the refinancing demonstrate Rubicon’s continued ability to access capital from both traditional and non-traditional bank and institutional PPP lenders. This is the second debt refinancing that Rubicon has closed in recent weeks converting floating rate bank debt to fixed rate debt under two separate structures, demonstrating the changing dynamics within the infrastructure debt markets and Rubicon’s continued ability to provide bespoke solutions to our clients.”
Rubicon recently closed the €175 million debt refinancing for Autopista Central Gallega in Spain and was the financial advisor to Cintra and Meridiam on the I66 Managed Lanes project, a transaction of over $3 billion, which reached commercial close last week.
About Rubicon Infrastructure Advisors
With representation in Dublin, New York, Madrid and Sydney, Rubicon is a specialist investment banking firm focused solely on the global infrastructure and energy market. The firm’s team comprises industry experts with extensive experience and who have advised or structured over €200 billion worth of infrastructure transactions across multiple sectors and jurisdictions (www.rubiconinfra.com).
BAM PPP PGGM Infrastructure Coöperatie U.A. was formed in 2011 by BAM PPP and PGGM. The objective of the joint venture is to provide a long-term partnership to invest in social and transport PPPs in the Netherlands, Belgium, the United Kingdom, Ireland, Germany and Switzerland.
The company continues to offer PPP projects access to a reliable source of long-term equity capital from a bidder that has the desire, and has been set up, to be a true long-term partner to the Project both in terms of investment and management until the Concession maturity.
BAM PPP PGGM Infrastructure Coöperatie U.A. has invested in 20 projects to date and has committed investments in a further 9 projects which are post financial close and under construction.
Nederlandse Waterschapsbank N.V. (NWB Bank) is a leading financial services provider for the public sector in the Netherlands. The bank arranges short-term and long-term loans for water authorities, municipalities, provinces, social housing, healthcare, educational institutions, public-private partnerships and activities in the field of water supply and the environment.