Global Infrastructure Partners Announces €450 Million Notes Investment
NEW YORK, May 24, 2022 /PRNewswire/ -- Global Infrastructure Partners (GIP) announced it has closed on a €450 million secured notes investment in a holding company of Superstrada Pedemontana Veneta (Pedemontana), a 96 kilometer greenfield toll road project in the final stages of construction in the Veneto Region of Italy.
The project is underpinned by availability payments from the investment grade rated Veneto regional government and has garnered significant focus from the Italian government as a highly strategic infrastructure investment critical to supporting economic growth. Pedemontana is owned and operated by SACYR S.A. and Fininc S.p.a, two leading owners and operators of European infrastructure assets. The funds will be available through a customized delayed draw structure.
GIP, a leading independent infrastructure investor, is making the investment through its GIP Spectrum Fund (GIP Spectrum), part of GIP's Credit platform (GIP Credit), together with affiliates and co-investors. This GIP Spectrum investment represents the fifth commitment made by GIP Spectrum and is GIP Credit's inaugural European investment. The GIP Spectrum strategy provides customized capital solutions for infrastructure projects and companies in GIP's core sectors of transportation, power, renewables, energy transition, water/waste and midstream energy, while leveraging GIP's significant operating expertise.
Lorenzo Ceretti, Principal at GIP Credit, said: "We are excited about the opportunity to partner with world-leading sponsors on this attractive investment in an infrastructure asset strategic and critical to Italy's economic growth. This investment exemplifies GIP Credit's ability to provide reliable and flexible capital solutions to high quality infrastructure projects. This transaction also demonstrates GIP's commitment to Europe where we see a growing number of unique financing partnership opportunities."
"Fininc S.p.a, one of the largest holding companies in Italy for over 50 years with a focus on industrial and infrastructure design and construction, has enjoyed GIP's proactive and resourceful approach throughout a seamless investment process. GIP was able to provide a customized financing that best met key objectives of the sponsors. We look forward to furthering our relationship with GIP," said Roberto Mascarello, Chief Financial Officer of Fininc S.p.a.
For Sacyr S.A., a world-leading developer of large-scale infrastructure projects, this is the second financing provided by GIP Credit to a project sponsored by Sacyr. The breadth of GIP's infrastructure knowledge and financing track record has proven valuable in furthering the efforts behind important assets such as Pedemontana. "This operation is a new demonstration of the value and attractiveness of our P3 assets. The operation will provide us with substantial liquidity in Italy to further our development, in partnership with Fininc, and make even greater progress in our strategic goals. We look forward to continuing to work with GIP on future strategic initiatives," said Carlos Mijangos, Chief Financial Officer of Sacyr S.A.
GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages US $81 billion for its investors. GIP's portfolio companies have combined annual revenues of US $61 billion with nearly 100,000 employees. For more information, visit www.global-infra.com.
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