Rubicon advises BAM PPP and PGGM on the refinancing of the A12 motorway in the Netherlands

Rubicon Infrastructure Advisors (“Rubicon”) is pleased to announce that the A12 motorway project in the Netherlands has reached financial close. The A12 is a brownfield availability-based PPP project with a track record of solid operations owned by BAM and PGGM through their successful joint venture BAM PPP PGGM Infrastructure Coöperatie U.A.

Following a competitive funding process carried out by Rubicon, a commercial bank was selected as the mandated lead arranger to provide the funding alongside the European Investment Bank (“EIB”). Rubicon managed a process resulting in competitive terms and conditions and an extension of both the commercial tranche and the EIB tranche by half a year.

Commenting on the transaction, Christian Kummert, Managing Director and head of Rubicon’s Debt Advisory Group said “We are delighted to have closed our second refinancing in the Netherlands with BAM and PGGM. While the project’s performance did not cause any credit issues for lenders, the novation of the swaps was complex and required not only careful management of the process but also a very specific structure. We are pleased to have successfully executed another transaction for two of Europe’s most successful infrastructure players”

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).

About BAM/PGGM

BAM PPP PGGM Infrastructure Coöperatie U.A. was formed in 2011 by BAM PPP and PGGM to provide a long-term partnership to invest in social and transport PPPs in the Netherlands, Belgium, the United Kingdom, Ireland, Germany and Switzerland. 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.