The N17/N18 road project reached financial close on 30 April, 2014.
The new motorway, comprising of a 57 kilometre stretch between Gort and Tuam in west Ireland, is expected to be completed in late 2017 and will be followed by a 25 year maintenance concession.
The project sponsor is the Direct Route consortium formed by Marguerite, Strabag, InfraRed, John Sisk & Son, Lagan and Roadbridge. The procuring authority for the project is the National Roads Authority.
Senior debt is being provided by a combination of bank lenders and institutional investors including senior lenders EIB, Natixis, Ageas, Bank of Ireland, Societe Generale and Aviva.
In support of this transaction, Operis completed a model audit, including a tax and accounting review, on behalf of the sponsors, the senior lenders and the procuring authority.