Due diligence for Strada dei Parchi
Dexia Crediop
Strada Dei Parchi is the Concessionaire of a 285km-long tolled motorway running west to east across Italy, linking Rome to the Adriatic coast. The Concessionaire appointed Dexia Crediop as Mandated Lead Arranger for the financing of extensions and upgrades to the motorway.
The motorway has been operational for over 30 years and was given in concession to Strada dei Parchi in 2002.
Our role
Steer Davies Gleave were appointed as technical and traffic advisors to the Mandated Lead Arranger to assist in preparing due diligence on the financing of the motorway's upgrade programme. The value of the project financed through a PPP/PFI scheme was approximately €400m.
How we did it
We assisted the Concessionaire during their negotiation with government in relation to new legislation that had been approved and which affected all infrastructure concession agreements in Italy. Whilst these negotiations were underway Dexia Crediop and Société Generale provided a bridging loan to Strada dei Parchi , which was used to fund the first part of the new investment programme on the motorway .
As traffic and technical advisors we supported the Banks and delivered:
- A detailed due diligence on traffic and revenues, design and construction programme and operating/maintenance costs for the entire concession period
- A thorough analysis of the relevant agreements and a risk matrix of the entire project
- As part of our work, we paid particular attention to the contractual framework that had been developed, as well as the new concession agreement.
For more information please contact
Lucia Manzi
t +39 051 656 9381
e lucia.manzi@sdgworld.net