Financial close was achieved on October 8, 2009, for the construction of motorway service stations at three sites in Ireland. The service stations will be constructed on the M1 at Dundalk and Balbriggan and on the M4 at Enfield. Construction of the service stations is expected to be completed by August 2010.
The National Roads Authority (NRA) was the procuring authority and the service stations will be constructed and operated by the Superstop consortium, which comprises Pierse Contracting, Top Oil and Applegreen.
The project will be financed by a EUR47m capital contribution to be paid by the NRA after construction is complete and EUR18m of senior debt provided by Bank of Ireland. Bank of Ireland is also providing a capital contribution bridge. The swap rates were 3.845% for the senior debt and 1.46% for the capital contribution bridge.
Operis provided financial model audit services to the Superstop consortium.