Successful refinancing of two Belgian PPP projects
BAM PPP PGGM Infrastructure Coöperatie has successfully refinanced the Beveren Prison project (Belgium). The project originally reached financial close in 2011 with ABN AMRO Bank, Belfius Bank and KBC providing a 25 year project loan.
BAM PPP also successfully refinanced the Kantienberg student homes project in Belgium. The project originally reached financial close in 2009 with Bank Nederlandse Gemeenten and NIBC Bank providing a 33 year project loan.
Both refinancings took advantage of the excellent project performance to date in conjunction with the improved financial market conditions currently available.
For Beveren, two of the existing lenders, Belfius Bank and KBC have restated and amended the existing loan for an amount of approximately €90 million with both improved margins and terms.
For Kantienberg, Belfius Bank has provided a new project loan of approximately €18 million, replacing the original soft mini perm financing structure, with both improved margins and terms.
These refinancing transactions reflect the investment strategies of both BAM PPP and the joint venture with PGGM to add value to the current investment portfolio.
The legal advisors to the sponsors were Linklaters with the financial advisory services provided by BAM PPP.