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Kinstellar Advises on EUR 1.24 Billion Refinancing of Slovakian Motorway


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Kinstellar has advised Vinci Concessions and Meridiam Infrastructure as sponsors and Granvia, as issuer, project company and concessionaire, on the EUR 1.24 billion refinancing of the R1 Expressway.

This was one of the largest PPP project bonds ever brought to market, and was the first project bond for a Slovak issuer. The refinancing is expected to save the Slovak government more than EUR 100 million over the life of the project.

Deutsche Bank London Branch acted as sole arranger and global coordinator for the offering, as well as joint book runner alongside Natixis.

The Kinstellar team was led by Partners Patrik Bolf and Adam Hodon and Managing Associate Miroslav Kapinaj. Linklaters acted as international counsel to the sponsors and the issuer, and Allen & Overy advised Deutsche Bank, Natixis and Law Debenture as security agent.