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Clifford Chance legal counsel to EIB on project A9 that reached financial close

17 November 2014

Clifford Chance legal counsel to EIB on project A9 that reached financial close

Clifford Chance has acted as legal counsel to the European Investment Bank (EIB) that acts as co-financier of the A9 Gaasperdammerweg public-private-partnership (PPP) infrastructure project in the Netherlands. On 13 November, the EIB and the other financiers reached financial close for this PPP project.

The financing of the project comprises debt and equity. The short term debt of EUR 140 million and half of the long term debt of around EUR 410 million has been made available to the project by BNG Bank, DZ BANK, ING, KBC, SMBC and Société Générale. The European Investment Bank will provide the other half of the long term debt. The equity investment will be made by the four shareholders of IXAS Zuid-Oost, with an equal share. IXAS Zuid-Oost B.V. is a special purpose company including Ballast Nedam, Fluor, Heijmans Capital and 3i Infrastructure plc.

The A9 project includes the design, build, management, maintenance and financing of the existing and new infrastructure of the A9 motorway between Diemen and Holendrecht in the Netherlands. The work will start after the summer of 2015 and the tunnel will be available for traffic in 2020. The A9 Gaasperdammerweg project is the third section of the Schiphol-Amsterdam-Almere (SAA) road expansion.

The Clifford Chance team that acted as legal counsel to EIB consisted of Nanette Rutgers, Jaap Koster and Ellen Römkens.