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19 November 2008

Last of Greek roads signed

Syndication of the Eu1.613 billion ($2.03 billion) project debt for the last of Greece's Eu7 billion programme of toll road concessions – the Eu2.813 billion Elefsina-Korinthos-Patras-Pyrgos-Tsakona PPP – has signed, ending a process that began in February.

Sponsored by the Olympia Odos consortium – comprising Vinci (36%), Hochtief PPP Solutions (25%), Aktor Concessions (18%), J&P-Avax (18%) and Athena (3%) – the 30-year concession is for 365km of road, of which 82km already exists, 163km is to be built and 120km upgraded. The existing roadways from Elefsina to Korinthos provide a revenue base for the project. The stretch has historical traffic growth of around 7% per year over the last 10 years.

Lead arranged by Alpha Bank, Calyon, Millennium BCP and Natixis, the facility closed around 20% oversubscribed. The loan was launched into a market far more benign than the current one, and most of the...

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