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DEAL ANALYSIS: Northern Capital Highway

22 July 2012

Northern Capital Highway, a consortium comprising VTB Capital and Gazprombank, has closed the Rb60 billion ($3.6 billion) project financing for the Western High Speed Diameter toll road concession. The financing is one of the largest financings for a toll road concession anywhere in the world, and demonstrates the high level of domestic lender appetite for local currency project debt in Russia. The borrower will use the proceeds of the debt to fund the construction of the central section of the road. The central section is about 11.7km long and involves the most construction risk, since it involves building three bridges and a tunnel. The project company will also be responsible for the operations and maintenance of the northern and southern sections, which the city of St. Petersburg is procuring directly. Once built, the road will connect the city’s major commercial port with the St. Petersburg ring road in the south and with...

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