LONDON (23 July 2007) — The international law firm of McDermott Will & Emery advised on the syndication of the €150 million senior debt tranche backing the Thessaloniki Submerged Tunnel PPP (Public Private Partnership) project which has just been launched.
The deal is a 30-year Design Build Finance Operate concession scheme to construct a by-pass to Thessaloniki. 3.4km of the by-pass is tunnel with 1.24km of the tunnel being immersed below the seabed. The tunnel will carry six lanes of traffic in total.
Our Banking and Finance team, led by project finance partner Andrew Watson, acted for the Project’s Sponsors, Elliniki Technodomiki TEB A.E., Boskalis International B.V. and Archirodon Group N.V., in relation to this (approximately) €477 million project since bid stage. He was assisted by a multi-disciplinary team including Cam Brockie, Rashpaul Bahia and Charlotte Doerr.
This is the first of the current round of Greek transport infrastructure PPP projects to reach syndication having a combined value of approximately €7 billion.
The Mandated Lead Arrangers were advised by Allen & Overy and the European Investment Bank was advised by Freshfields.