Operis provided model audit and financial due diligence services to funders of M6 Duna Autópálya, the Bilfinger Berger / Porr-led consortium that was awarded the M6 PPP motorway project in Hungary. The consortium has successfully bond refinanced the bank debt package which reached financial close in December 2004. This deal is the first wrapped infrastructure bond issue in Central Europe.
The scheme involves the DBFM of a 58km long section of the M6 Motorway between Érditetõ and the intersection of the M6 and M8 at Dunaújváros in Hungary. M6 Duna Autópálya consists of Bilfinger Berger BOT (40%), Porr Infrastruktur (40%) and Swietelsky (20%). BNP Paribas advised M6 Duna Autópálya.
Dexia Capital Markets acted as sole Bookrunner for the bond refinancing, underwriting a EUR 212m Floating Rate (Secured) Note (FRN) issue. In addition to the notes the European Investment Bank (EIB) was brought in to arrange a 19-year EUR 200m wrapped loan. FSA wrapped both the Notes and EIB bank debt tranche. The EUR 212m Notes and EUR 200m EIB loan are further complemented by a EUR 19m Debt Service Reserve Letter of Credit provided by Dexia and by an Interest Rate Swap (IRS). The Debt Service Reserve Letter of Credit and the IRS also benefit from a guarantee provided by FSA. Each mature on March 31, 2025. The Notes will pay a coupon of 6 six month EURIBOR + 27 bps.