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R4 Ghent closes with hard mini-perm
08 February 2012
Read more:
[dg-infra]
[via-invest]
[mini-perm]
[swaps]
DG-Infra (75%) and Participatie Maatschappi Vlaanderen - PMV (25%) have closed the financing for the 30-year R4 Ghent road PPP. Dexia and Fortis are providing a 9-year Eu90 million ($119.4 million) hard miniperm. Such a structure is rare in the Belgian transport sector, but given banks’ difficulties in providing long-term funding for projects, the deal could serve as a precedent for other European PPPs.
The project follows the DBM+F model, under which the tender for financing is kept separate from the design, build and maintain contract until the preferred bidder stage....
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