December 2013 – Kinstellar has advised Vinci Concessions and Meridiam Infrastructure as sponsors and Granvia, a.s. as issuer, project company and concessionaire on the groundbreaking €1.24 billion refinancing of the R1 Expressway, Slovakia's first motorway established under a public-private partnership.
This is one of the largest PPP project bonds ever brought to market, and it is the first project bond for a Slovak issuer. The refinancing will save the Slovak government more than EUR 100 million over the life of the project.
The 51.6km expressway connects the cities of Nitra and Tekovské Nemce, and includes the northern bypass of Banská Bystrica.
Deutsche Bank AG London Branch acted as sole arranger and global coordinator for the offering, as well as joint book runner alongside Natixis.
The Kinstellar team was led by Partners Patrik Bolf and Adam Hodoň and Managing Associate Miroslav Kapinaj. Linklaters acted as international counsel to the sponsors and the issuer, and Allen & Overy advised Deutsche Bank, Natixis and Law Debenture as security agent.