The Elazig Hospital PPP reached financial close in early December 2016. The project involves the development, ongoing operation and maintenance of a 1,038 bed hospital located in Elazig, Turkey.
The total project financing requirement was EUR 360m. This financing included a EUR 288m bond, with the remaining financing provided by the equity investors Meridiam and Rönesans. The financing includes credit enhancement in the form of political risk insurance provided by MIGA and a liquidity facility provided by EBRD, allowing a portion of the bond to receive a credit rating two notches higher than the current sovereign rating of Turkey.
Operis carried out a financial model audit on behalf of the senior lenders and the equity investors.
