Kliplev Motorway Group (KMG), a consortium consisting of Strabag SE and Züblin A/S, has reached financial close for Denmark’s DKK1.2bn (EUR161m) M51 motorway project. The project involves the design, build, financing and operation of the M51 Motorway from Kliplev to Alssundbroen at Sønderborg, and will cover 25km, including seven interchanges, a number of underpasses and overpasses and the re-routing of certain other selected road systems.
The new road is aimed to improve the connection between Sønderborg and the E45 highway and is expected to open by 2012, with the concession to last for 26 years following the completion of construction. The procuring authority for the project is the Danish Roads Directorate, who were advised by Deloitte and Kammeradvokaten.
The project was funded by DKK982m of senior debt and a DKK174m equity bridge loan, provided by Bayerische Landesbank (20%), BBVA (20%), BNP Paribas (20%), NIBC (10%), SMBC (20%) and SEB (10%). The debt will be repaid at the end of construction by the Danish authority.
Operis provided financial model due diligence services on behalf of KMG at bid stage and prior to financial close.