On October 17, 2019, BAM PPP successfully raised €580 million to refinance the senior debt and associated interest swaps for the Liefkenshoek rail tunnel.
Existing lenders EIB, BNG Bank, Societe Generale and Banco Santander are joined by new lenders AG Insurance and Baloise Belgium.
The 16.2km Liefkenshoek rail tunnel links the western docks and eastern docks of Antwerp, in Belgium. Financial close was initially reached in 2008, and at that time Operis performed a model audit at both bid stage and financial close stage.
Following this, Operis was pleased to perform an audit of the financial model at this refinancing, as well as checking the model’s tax and accounting treatments.